Sure there is a lot of technologies out there and that applies to photography as well.
I haven't really thought much about time-lapse photo other than grapping a bunch of frames and combine them into a startrail photo which is pretty cool.
However. well I could write a lot but just go to this link and click the time-lapse in the sub nav. Once you get towards the middle you will see what I am talking about.
This is cool stuff....