This must have been done already, but I wanted to try it.
Some artifacts on edges due to lower resolution of Kinect and occlusion caused by only one angle, but not too shabby! I could temporally smooth and filter the data over a coupe frames to clean it up I think.
I can see this being used for plenty of things, like instant depth mattes sans green screen, post fog effects (could easily be real-time effects too).
I recorded the color and depth streams as video using Brekel toolkit (lots of free stuff out there for this), then brought them into after effects and used the gray-scale depth image as a mask for blur effect on the color image.
Enjoy me looking like a dork!