True. But consider also that this has been made two years ago, with 2007 technology.
Edit: Take the camera for instance. The MIT students used a Canon PowerShot A470 (they bought it used from ebay) which costs $120 new and is 7 mega pixels. This guy used a similar camera (Canon PowerShot A70) which was only 3.1 mega pixels and costed $350 when it came out.