The Propeller chip makes it easy to rapidly develop embedded applications. Its eight processors (cogs) can operate simultaneously, either independently or cooperatively, sharing common resources through a central hub. The developer has full control over how and when each cog is employed; there is no compiler-driven or operating system-driven splitting of tasks among multiple cogs. A shared system clock keeps each cog on the same time reference, allowing for true deterministic timing and synchronization. Two programming languages are available: the easy-to-learn high-level Spin, and Propeller Assembly which can execute at up to 160 MIPS (20 MIPS per cog).
It is a powerful embedded processor from Parallax Inc, a well known embedded processor "PIC" inventor. With 8 cores, and total about 160MIPS processing power, you can do many amazing projects. You can see the above video involved many image processing!
another amazing project is the ybox2:
Adding an Ethernet chip, now you can access the internet cloud with a microprocessor that's capable of running a TCP/IP stack.
This ybox2 can fetch information like weather, news from the internet and display it on TV which let me think of chumby widget devices.
Project site : ybox2
Processor info: http://www.parallax.com/Default.aspx?tabid=407