PC World reports Adobe has demonstrated a new technology that corrects motion blur. Unfortunately, the YouTube clip of the demonstration is no longer publicly available.
Peter Elst captured a sneak peak of Adobe’s motion blur correction feature when it was demoed at the Adobe MAX 2011 conference. In the demo, an Adobe rep corrected a horribly blurred image by setting some predetermined parameters, analyzing the image for exactly how the camera moved when it blurred the image, and then hitting a "restore" button.
The rep also demonstrated that he could select part of the image to be corrected and that it can bring back unreadable text.