The video describes what QR is, how you can make your own, and how you can teach students to make their own for content-based projects, to link to podcasts, to make electronic portfolios, etc. For example, as seen in this image, students can scan the QR with their mobiles to get more information about skeletal structure.
If students construct the content they create reusable learning objects for subsequent classes to read, listen to, and improve.
Thanks to Webheads for finding this great video originally. There are a number of other videos on QR with more ideas in the YouTube sidebar.