A couple of weeks ago Xerus (Kyle Pulver) released a timelapse video showing the development of his island-defence game Gaiadi sped up to fit in under 5 minutes. The game was created for entry into Ludum Dare 17 which it won.
Ludum Dare is the name given to a series of 48-hour game creation contests which each have a different theme – in this case it was Islands. An incredible 204 entries were submitted and entered games can be developed for any platform.
Timelapse videos of lots of other entries in development can also be found on YouTube.