Well, this will be extraordinary if this becomes commercial. Researchers at Harvard University have designed an ultra-thin flat lens which has no colour distortion.
See http://www.gizmag.com/ultra-thin-flat-lens-harvard/36207/
Just imagine what that would do to telescope and camera lens design? The mind boggles.
From the photos it even looks as if the lens is not glass, and presumably does not need to be circular? As you say the effects this could have on camera/scope design is quite mind-boggling.
Oooh...I can use a smaller backpack!