Eventually, it will do smaller scale, not as fast versions of this:
http://www.youtube.com/watch?v=QsmiIeAkE-o
These are actually the larger, older model brother of the one I have.
http://www.youtube.com/watch?v=VQsRHXumcgw
http://www.youtube.com/watch?v=bQT3-5WGYAc
Mine will mill a 5 inch tall by 16 inch wide by 24 inch long object. I plan to use it to make:
radio control helicopter custom parts,
computer custom parts (carbon fiber cases, etc)
Electric Violas (no one really makes them, and my brother plays viola, seems like a decent niche market)
various artsy things, wood inlays, pictures carved into soft stone, etc.
Other things as I think of them.
I have a program that takes pictures from a web camera and a laser pointer and uses them as a 3d scanner that seems to work pretty well, so I'll use that as a starting point for alot of these. My CAD skills are pretty decent too, so I should be able to make some neat stuff.