Last updated on June 3, 2017
As we approach the end of 2008, yes, Japanese neuroscientists are able to recreate what we see from activity in our brain.
Here is a link to what people were looking at and what the computer recreated. [Link broken I think.]
If you are into neuroscience, you might also enjoy this TED lecture on learning from watching our own bran scans.
2017: Has this moved forward?