W3bbo said:

"I've seen conflicting information, can you give a straight answer on whether or not Natal has a Time-of-Flight camera or something else?"

 

"What possibilities will HCI researchers and enthusiasts have in interfacing Natal to a desktop machine? Will we see official drivers (like we did for the Xbox 360 controller) or will we have to write our own?"

It's not time of flight, it projects a grid on the scene in near-infared light.  Some more info here: http://www.pcmag.com/article2/0,2817,2365136,00.asp