This works in realtime because it's GPU accelerated (if I read correctly). I don't know if Photoshop CS6 will have this feature specifically, it IS getting Mercury support (the same NVIDIA CUDA based GPU acceleration that revolutionized Adobe Premiere recently). You can create these effects with Photoshop, just not nearly as quickly. Hopefully, CS6 will either incorporate it or at least get us one step closer.

For now, you could probably export a layer, edit it with this program and bring it back to your PSD file in lieu of a proper plugin / feature.