454 pyrosequencing has emerged in the past year uses real-time, light-based observations of gene synthesis to reveal genomic information. It produces genomic information up 100 times faster than the old technology.
Here is more on the 454 method The analysis of some 25 million bases of DNA sequence using 454’s “sequencing by synthesis” nanotechnology approach allowed a team of more than 50 researchers to assemble almost the complete genome of Mycoplasma genitalium – some 580,000 nucleotides, or bases – with greater than 99 percent accuracy in about 4 hours.
The polony sequencing approach of George Church seems to be as fast or faster but cheaper
Nanopore DNA sequencing approach
Gene sequencing at wikipedia