As seen in an earlier post, I've been messing with image based 3D. That is to say encoding 3D information into video. The technique is showing some promise, and I've started formalising it into an exporter for 3D Studio MAX and an AS3 library for Flash/Away3D. Here's another quick example. Please view in fullscreen.
To the right of the curtains you will see a small, wierd animation/film, that looks like this:
That is actually all the information needed to drive the curtain animation, that is happening realtime, as appose to a video. The vertex positions are simply captured and made into a video, that could be streamed over the net.
As you can see the video is very small. As described in a previous post it can also be applied to meshes of varying resolution.
Here's the same 3D animation with camera control