Charles Forman aka SetPixel is posting a weekly paper on his art/programming experiments. So far he's tried setting himself on fire, and putting it out with snow. Simple ideas, playfully executed. I'll definitely be tuning in for the next installment.
Of course, he's using Processing for his experiments, though he notes he's not getting the speed he needs. When will there be a platform as expressive as Processing with reliable real-time video performance?
Update: it looks like setpixel.com has been relaunched as a collaborative site for video-based installations and interactive artwork, featuring contributions to date from Cristobal Mendoza, Glen Murphy, Ubi De Feo, Chris O'Shea, Josh Nimoy and Christian Giordano.