I really liked the look of the blendtuts.com 'Cinematic Timelapse' (vimeo.com/16182396), so this morning I decided to try and figure out how it was done, and this was the result of my first attempt. I might play around with the settings a bit more and get it looking nicer/closer to the original video.
I'll wait for blendtuts to post up a tutorial on how they did it before sharing my technique. (edit: just looked at the comments on the blendtuts video & BlenderNation post, I pretty much used the same technique as various people guessed)
Here's my node setup: dl.dropbox.com/u/1470205/nodesetup.png
You can see how to make the timelapse bit here: vimeo.com/16711451