The video above was created by taking 569 photos at the rate of 15 second per photo, then played back at 24 frames/second. A CHDK firmware allows the Canon Powershot S95 to run an intervalometer script to take photos at fixed time interval. The camera was set to ISO 100, f/5.6, and 1/500s shutter speed. The video itself was created from the photos using QuickTime Pro.
Just recently I also tried time lapse using Nikon D800. Nikon D800 can create the video without any external software. The problem is some brightness flickering that is said to be caused by aperture inaccuracy. The following is the video created using Nikon D800.