I found this on Reddit last week: http://vectormagic.stanford.edu/ ... "VectorMagic - the Online Tool for Precision Visualization". Essentially it creates vector shapes from bitmaps. The site has some great comparisons between it and other vectorization...

[UPDATED ON 2010-02-12] Due to the number of significant changes over time to the library, the sample code shown in this blog post is no longer a useful reference. Go to the new project site: http://visioautomation.codeplex.com for the source code...