Not quite Minority Report, The Time Machine, or Back to the Future but certainly intriguing. Check out this link.
More on the project can be found here.
For the skeptics, this article, with one of the project members dismisses the prediction notions.
As suggested by some, if the 'device' can't provide any usable information before the events, is it really capable of predicting the future? Perhaps the whole thing is nothing more than humans looking for a correlation between the results and real-world events?