This group at Berkeley Labs has been working on audio imaging technology for several years. They were also in the news recently when the Edison Talking Doll was included in the Library of Congress National Recording Registry class of 2011. The doll had previously not been considered an audio artifact because it could not be played by contact. Berkeley's 3D imaging technology restored the sound of the fragile and damaged cylinder, clearing the way for the doll's induction (along with Purple Rain and A Charlie Brown Christmas).
For what it's worth, Berkeley reports that audio imaged off old 78's sounds "almost as good" as playing the originals. Let the debate begin!