Lytro to launch 755 megapixel Cinema light field camera

No, it's actually a camera that really does capture and store "light field" data:

https://en.wikipedia.org/wiki/Light-field_camera

which links to:

https://en.wikipedia.org/wiki/Light_field

I believe it is an array of sensors operating at different focal points, presumably with depth-of-field set such that it will overlap slightly. From that data, you can indeed construct something that looks a lot like an actual light field.

The big limitations are probably on photons coming in at one end, and data going out at the other end - in the middle, I'd believe it does something so close to what it claims that you won't notice the difference.