http://vectormagic.stanford.edu/
here is a sample what it can do...

In the forums…

http://creativebits.org/vectormagic_-_wipes_the_floor_with_live_trace

ipure,
Maybe designers nowadays have no need for a good bitmap tracer, but your link to this great new tool seems to have received about as much interest as my post in the forums did just over a week ago.

Haha, I know Sorry i did not come across your post earlier.. and I thought it was pretty exciting, cause for me its quicker then getting AI running...

this hasn't garnered more attention. I found this a few weeks back via designfloat.com and I've been pretty impressed with it so far. I've used three times since to take .gif logos to vector with minimal effort. Definitely comes in handy with sponsorships, etc., when a client sends you a logo to include and all they have is a JPG or GIF file. I even had a simplified piece of b/w art as a stat that I had scanned a while back for a client and had intended on redrawing it so we could have a vector version. It was pretty complex and vectormagic saved me a lot of time.