http://www.cs.huji.ac.il/~yweiss/Colorization/
Got this link from over on CA.org.
Seems like an impressive piece of software, might find some use with people who do greyscale textures? Or even just for messing around with...
Looks like a pretty impressive piece of coding, I'm not sure how much "actual" use it'd be, but it looks nifty.
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But it really is quite cool.