The link to the Microsoft Research site includes a lot more information about Holoportation, which Microsoft execs describe as "a new type of 3D capture technology that allows high quality 3D models of people to be reconstructed, compressed, and transmitted anywhere in the world in real-time."
"When combined with mixed reality displays such as HoloLens, this technology allows users to see and interact with remote participants in 3D as if they are actually present in their physical space. Communicating and interacting with remote users becomes as natural as face to face communication," the research page says.
In the Holoportation demo, the two participants seem to be in the same physical space, even though they aren't. The 3D models captured by the HoloLens are projected into the real world.