The short four-minute video previews a new technology being worked on at Adobe's Creative Technologies Lab in cooperation with Princeton University and the University of Washington. Dubbed "PatchMatch", the tech demoed is in essence a set of spot healing and fill tools that are content-aware - able to recognize objects and patterns, and so able to replace image areas more intelligently.
Note that as Nack says, there's no guarantee that the technology will make its way into any specific future version of Photoshop. That said, it's pretty impressive in its early form, able to deal with fairly complex backgrounds to replace both minor defects and large background areas of images alike.
To see the video, visit John Nack's blog and read the entry from October 20, "Video: New from Adobe Labs, Content-Aware Fill in Photoshop".