CGMS has been around for a while. Most all of the pump companies offer some type of CGMS. The problem is that it still needs to be calibrated daily and can be very unreliable if not calibrated. I've heard of way too many people relying on CGMS and really screwing things up.
The cool thing is that now there are more than just Johnson and Johnson and MiniMed working on this stuff. My son has a Tandem pump which is awesome. Touch screen, smaller than most cell phones, rock solid. Hopefully more smaller companies shake things up with the help of Kickstarter and the like.
Related: some college kids figured out how to make a temporary tattoo instead of drawing blood. Its still very early but its freaking cool:
http://www.gizmag.com/temporary-tattoo-blood-glucose/35649/