Content aware resizing algorithm for images

This computer graphics research has been greatly hyped lately due to the recent report on Slashdot. It is based upon a simple idea but it achieves amazing effects. Not only can it resize images with the minimum information loss or perceptible distortions, it can also be used to achieve similar effects (but not exactly the same) to image inpainting.

The paper can be read here,
Video demonstration of the algorithm, and... next one is the best
Third party implementation of the algorithm that you can download and hack.