Yes, it is REPRAP. Yes, this stuff has been around for ages, but it is finally getting inexpensive enough to have a printer at home.
Don't dismiss the technology because it is in its infancy (for home use). I saw some of the first "Cupcake" machines from Makerbot, and what I see now from the home printers is 10x better. And, that's in about 5 years. (the home stuff is nothing like the 3D printer does @work, but it's getting better)
Decades ago, I was employed to to daily "management" of the Canadian ARPANET connection, which of course became the Internet when DARPA ended funding. Many, many, people thought that the ARPANET was a joke; these same people are emailing and skyping and googling today.
(my wife keeps bugging me to get a 3D printer for the workshop, but, like others, I do not have a lot of use for plastic on a steam locomotive, so I'm sitting this current round out, although putting an extruder on my CNC- (LinuxCNC) milling machine is quite easy, and I have the stl files for the extruder…)
Another JohnS