The people over at Pink Tentacle wrote this article about the research.
It will definitely have some applications. The method is almost ingenious... well okay definitely ingenious, though it roughly creates "water pixels". Which I suppose as water elements would be called "wixels". More correctly it would be "watels" but wixels will probably gain more traction as a usable word.
There, you heard hear first... hopefully I just coined a new term.