See Microsoft Research Article.
It is able to produce astoundingly smooth timelapse video, from existing videos such as GoPro.
It essentially is converting 2D video to true 3D scenery (your GoPro camera becomes a 3D scanner!) and creating a new shake-free virtual camera path through it all, and rendering the video as 3D scenery using the new virtual camera path.

See the video below. The computing power that makes this possible today, is astounding.
Looking for into the crystal ball (for technology geeks), this is the Wright Brothers of a fundamental technology innovation that may lead to holographic video playback.
-- this could be a possible root of H.266 or H.267 compression algorithm: Vector video playback as true 3D scenery. A very first generation of a viable vectorized, framerateless 3D video compression (no upper limit to framerate in playback) where there is no resolution limit or framerate limit to video, because the video is made out of vectors, possibly SuperResolution'd on a continuous basis with whatever resolution the intermediate frames provides.
-- Framerate interpolation with no upper limit to framerate.
-- Interpolation can be improved greatly over time
-- Eventually, be able to enhance the resolution of existing video via realtime SuperResolutioning (and similiar algorithms) between adjacent frames
-- You could do two virtual camera paths, and do 3D!
-- You could do holographic 3D (to a certain extent) where you're allowed to tilt your head around, since there's lots of flexibility in the virtual camera paths.
-- Possibly in the distant future; maybe converted to Holodeck format so we can "walk around in our 100 year old videos" virtually. (Eventually, thousands of cameras will have passed over the same spot on Earth, and it could all be merged into one ultra-high-def Holodeck experience with few missing interpolated spots that can be artificail-intelligently & artistically auto-completed.)
Obviously, the Hyperlapse result is only as good as the source camera allows -- resolution limits and framerate limits in the source material will limit how good the Hyperlapse result. But, still, imagine a 4K 120fps camera recording in 2015 would easily be able to reliably be near-flawlessly converted to 8K 1000fps 30 years from now, via a future distant descendant of this Hyperlapse. One may be dreaming at this stage, but this Hyperlapse glimpse is impressive!

