Fans of Waking Life will recognize the technique, though I’m sure it had been done before that movie.

http://vimeo.com/moogaloop.swf?clip_id=212286&server=vimeo.com&fullscreen=1&show_title=1&show_byline=1&show_portrait=1&color=00ADEF

Memories of Fantasies Forgotten from Dovely on Vimeo.