Being the dork that I am, building my own computers and such, I read a blog called Hack N' Mod – they posted an article not too long ago with some awesome LED projects showcased, like LED clothing, reactive LED mods, and a few really interesting LED ideas. Check it out here.
I just bought an arduino from adafruit.com… It uses the same processor as those POV spoke lights, and in fact with a little wiring and a few components you can use the arduino to do POV stuff pretty easily. They also make a wearable version.. cool stuff.
So far all I've built with it is an LED color mixer and a few basic motor doodads. Hopefully soon enough I'll have some sort of sweet LED moving head fixture that's DMX controllable…