Blended box mapping is a technique where you project images from 3 angles and blend them together based on the objects normals. Doing this in cycles was until recently only possible to do on static objects, but now we can use it on animated objects as well!
Download example file: blended_box_map
This technique requires a very new build of blender after build revision 46076. That means newer then blender 2.63 stable. Or you can also use a recent tomato branch
Hope you guys find it useful
If you want to geek out and learn more about this technique then go here:
http://www.neilblevins.com/cg_education/blended_box_mapping/blended_box_mapping.htm