In an earlier post, we discussed the possibility that scholars from BYU had uncovered a new ending to Mark's gospel. The report turned out to be an unfortunate error on the part of a journalism student. The Oxyrhynchus Project has posted images and flash animations which document the type of results which were reached, here.
The results are impressive. I wonder to what degree similar results could be reached with a high resolution scan and a program like photoshop. I have used these to edit a bit of a Bohairic psalter with results similar to what I am seeing here. Unfortunately, there are no images of the work done on the carbonized papyri.