So they give each object a unique set of light rays (like how objects normally reflect light) in order to stimulate our eyes to focus? That's ingenious. They mention it, but the first thing I thought of was corrective displays that allow you to view them without lens or contacts. And depending on how fast it is (they mention augmented reality, so you would assume it's pretty quick) they could develop a one-size fits all prescriptive glasses. Essentially it would be focusing the outside world with a computer instead of a lens. It could even diagnose your eye strength on the fly. But again, it would have to be very fast.
As for Nintendo, I don't see how they could use this. The technology has a chance for widespread acclaim due to it's non-evasive, true 3D depth of field. With a high enough resolution TV, it could be similar to looking at a window. So the need to develop proprietary hardware could be a fools errand. But this is Nintendo after all, and they love their proprietary hardware.