I could say more about it, but Spanish artist Mia Makela (a.k.a SOLU) has the most complete explanation in her text, The Practice of Live Cinema (pdf)
Now, I know you're lazy like me.. and probably won't read 8 pages of critical analysis on this new artform just because I told you to... so here's the mini-doc on the scene.... It has a long intro, so bare thru it in order to get to the meat.
Finally, here's one of my favorite examples from Mia Makela. And here's kind of an idea of what it might be like see a the same performance live.