Right now there is a big DIY crowd harnessing the latest in technology and coupling it with the opensource movement, meaning people are sharing their discoveries for free. Frequently they use tools which you can build yourself and are documented well by the same people. Hackaday.com is always interesting but today one project caught my eye: How to cut your own keys using a CNC mill. It will be interesting to see how this project progresses, because there are a lot of people out there who have locks for which blanks are simply not made anymore and if the lock is in good condition it is a shame to throw it away simply because of a lack of key blanks.
3d printers are also making inroads in additive material key creation. If the materials they use get harder and more durable, it could be a replacement for traditional key cutting. So if you have a RepRap printer or a CNC mill, the work is already being done for you. Start cutting your own keys! (Just call me when you get locked out or need rekeying)