IMU developed by students at MIT

It seems that one of the first proper Inertial Measurement Units (IMU) has been developed by two MIT students to allow for dead-reckoning in case when a GPS signal is not available.
By using a combination of an accelerometer, gyroscope and magnetometer apparently they can achieve a positional accuracy of 1m with and 3m without GPS signal present.
We are quite likely to see more and more applications of this kind of application in the near future for such applications as: consumer electronics, automotive, aerospace etc.