3D Printing has, as others have said, been around for years. There are various technologies that are classed under this heading, only one of which is the extruded plastic filament described earlier.
While the most common, extruded filament is not necessarily the best printing method as it's multiple layers can be de-laminate if stressed (such as drill, tapping, press fit... etc) It uses a plastic filament similar to fishing line, heats it and presses it out through a nozzle that is moved on an XY gantry. This production method is only really suitable for artistic and prototyping purposes.
Steriolithography is the method where a UV hardening resin is hardened layer by layer by a projector (similar to a TV projector, but with a UV bulb) as the new item is pulled out of the tank of resin. This offers a much finer and stronger structure, due to which, parts can often be used to replace worn parts on old equipment.
Laser sintered metal is by far the coolest (and also hottest). It involves having a tray with metal powder in it. A laser is then used to fuse some of these partials together. A new layer of powder is sprinkled over the top, and the process is repeated. These items have massive applications in the medical industry for replacing damaged bones (such as jaw bones) due to the strength. They also permit engineers to design previously impossible to machine items.
In general, the technology stands to be as big as the internet. A Maternet so to speak, where you can 'download' real items from clothing to spare parts for your car.
It does, however, open up a huge ethical issue. Who owns the designs for parts? Can you legislate against some designed? Can you criminalise peoples intellectual property? A group recently designed a hand gun that could be printed on a commercial printer. The US government demanded the design be taken down (clearly showing they don't know how the internet works... now it's in the web, it can't be removed).
Sufficed to say, huge amounts of money to be made in the industry. It's worth looking at a few of the companies, and if the money is available, invest in some shares.
Fubar.