A brief literature review follows. This is more of a topic reference for myself, than an in-depth discussion of the paper itself. 
 
REAL-TIME LENS DISTORTION CORRECTION: 3D VIDEO GRAPHICS CARDS ARE GOOD FOR MORE THAN GAMES 
Michael R. Bax 
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Bax discusses a method of using a GPU based approach for rapidly compensating for lens distortion using polar transformations. Bax's method differs from other methods I have seen in that it does not use a Cartesian based grid. Instead, this method uses a polar based system of concentric bands of triangles. These triangles represent the component parts of a surface over which the distorted image is texture mapped. The warped surface produced a counter-distorting effect which effectively straightens the distortion in the image. Bax's research showed that this polar based method is actually 50% more effective in error reduction than a standard grid based method. It was also found that this procedure could take place in real-time, providing a frame rate of at least 30 fps. 
 
Side Note: In a recent experiment we did here in the AR lab, we used a grid based approach to resolving lens distortion in a Sony Glasstron binocular, non-stereo HMD. However, the polar based method described in Bax's paper would not have been sufficient in our case due to additional, non-uniform distortion introduced by a set of plastic anaglyph filters placed on the HMD's oculi to enable stereo vision. Instead, we used the Cartesian grid based method. This method produced sufficient error reduction and allowed more fine grained (though very time consuming) distortion correction.