The "light field" technology, was developed by company founder Ren Ng while he was at Stanford University.
Another big milestone in photography is, Lytro light field camera which would allow users to focus the image after the image has been captured. You can share live pictures instantly on nearly any devices
without having to download any special software. Lytro light field camera captures data about the intensity and direction of all the light entering the lenses rather than recording a single version of an image.
The information taken can be reorganised later with the option of changing which parts of the image are blurred and which are sharp. Lytro records all the light falling on its sensor without running it through process such as colour balancing or sharpening and these can be applied later on a computer.
Lets have a glance over the Pros and Cons of lytro
Pros
Innovative technology.
Compact.
Easy online image sharing.
Cons
Expensive.
Poor Photo quality.
Terrible ergonomics (resembles that of kaleidoscope ).
Very limited editing Software.
Lytro lives up to its promise when its comes to focusing the image after they've been shoot, But its image quality and ergonomics are poor,
For further details check the link below.
http://www.lytro.com/