With the popularity of the Apple iPhone, the potential of the Microsoft Surface, and the sheer fluidity and innovation of the interfaces pioneered by Jeff Han of Perceptive Pixel ...
Are you only interested in GUIs? A lot of research has been done and continues to be done on tangible interfaces for example, which fall outside of that category (although they can include computer graphics). The User Interface Wikipedia page might be a good place to start. You might also want to explore the ACM CHI Conference. I used to know some of the people who worked on zooming interfaces; the Human Computer Interaction Lab an the University of Maryland also has a bunch of links which you may find interesting.
Lastly I will point out that a lot of innovative user interface ideas work better in demos than they do in real use. I bring that up because your example, as a couple of commenters have pointed out, might, if applied inappropriately, be tiring to use for any extended period of time. Note that light pens were, for the most part, replaced by mice. Good design sometimes goes against naive intuition (mine anyway). There is a nice rant on this topic with regard to 3d graphics on useit.com.