One of the problems when 3D printing is the cost of filament. Especially since you tend to improve designs incrementally and end up with lots of intermediate step test prints that you need to scrap.
The Filabot team wants to change this. They want to enable you to take your scrap plastic and turn it into filament again. They also want to let you take your plastic items in your home and turn them into filament. Basically, they want to let you make your own filament from whatever you have laying around.