Killer imaging tech coming from Nokia

Nanotech sensors. Lytro-style lens arrays. Multicolor flashes. Nokia is poised to take photography completely by storm. I'm not even sure Canon or Nikon are working this hard to integrate new imaging technology into their products. These advances will not be matched by Samsung or Apple when they come to market.

What are your thoughts on the impacts of this technology? They're literally talking about rendering JPEGs and MPEGs obsolete as a standard! Hyperbole or reality?