There are already several security cams out there that use that technique to provide a 'soft pan' and let you 'move' the image around without the need to have any servos or even control to the camera... you of course lose some picture quality.
Several vendors have had traditional 'lenses' out for a while, but it was always a wad for the lens (which was basically just a inversed sphere mirror) and then more for the photoshop plug in to decode the result. This is the first I've seen something reasonably priced. Its 'for an iPhone' but I'm sure a bit of image hacking code and you could slap it on any web cam or phone.
"The right to be heard does not automatically include the right to be taken seriously."
-- Hubert H. Humphrey