It's nothing new, really. jewelers have been using these machines for some time now to make cores for lost-wax-process casting. My company used to sell them. They can make metal parts with them now too. There were several 3D printing machines that used metal as a medium at IMTS last year.
You’ve got to admit, though, that it’s a pretty damned amazing (and transformational) technology. Consider, for example, the implications for catalyst or heat exchanger design; rocket injector plates, and so on. Amazing potential!
This is a rapid prototype machine, machining the part from a 3D file. You’re right, it’s not new.
I have a buddy whose firm is making machines to do this to make repair parts for Army vehicles in the Middle East. They use lasers to sinter powdered metal.