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The printer part has been around for a long time. They have had rapid prototypes of CAD models out of a variety of materials from ABS to cornstarch. The new part of this (at least to me) is the scanner to model.
A couple of issues that I see are for metals you can create a casting, but how do you know what kind of treatment was put on the original part for hardening? If you need to harden or machine an edge, you need to account for that with extra material. They didn't mention on the part that Jay was holding how they took the plastic part, created a metal cast from that, yet still were able to machine the surface without ending up with too little material.
Also, I'm calling BS on the adjustable wrench. No way was that scanned and then "printed". That can be done from a 3D model, but that's been able to be done for a while.
That wrench isn't a big deal. Makerbot shows a ton of examples like that wrench.MakerBot Replicatorâ„¢ - MakerBot Industries