I can see the idea of doing this if you don't have access to a video camera, but really ...this is just digital video with a very low FPS count.
There's no commonly available video renderer that can work with 6-12 MP per frame, so it has to be derezzed somewhere in the process. But even if you got a hold of one, there are no monitors to display such high resolution.
It then begs the question - why strain your shutter-mechanics by doing this primitive trick? The new Nikon D60 has this "feature" as well and it made me roll my eyes when I saw it..lol.
This is similar to offering a new animation program that will allow you to paint each frame separately and then display them fast, one after the other..and voila! animation! lol
Save your expensive camera and get a 300$ DV camera and record footage. Slap it into a video editor and get better results. Batch-remove every Xth frame to get this time-lapse effect. Alternately, increae the playback speed to 20 times normal.
For about 1000$ you can get the Hi-DEF DVs and not only do time-lapse but real movie footage and record sound too.