Hyperspectral imaging is the latest advent in imaging technology, providing the potential to extract information about the objects in a scene that is unavailable to panchromatic imagers. This increased utility, however, comes at the cost of tremendously increased data. The ultimate utility of hyperspectral imagery is in the information that can be gleaned from the spectral dimension, rather than in the hyperspectral imagery itself. To have the broadest range of applications, extraction of this information must occur in real-time. Attempting to produce and exploit complete cubes of hyperspectral imagery at video rates, however, present unique problems for both the imager and the processor, since data rates are scaled by the number of spectral planes in the cube. MIDIS, the Multi-band Identification and Discrimination Imaging Spectroradiometer, allows both real-time here are the major design innovations associated with producing high-speed, high-sensitivity hyperspectral imagers operating in the SWIR and LWIR, and of the electronics capable of handling data rates up to 160 megapixels per second, continuously. Discussion of real-time algorithms capable of exploiting the spectral dimension of the imagery is also included. Beyond design and performance issues associated with producing and processing hyperspectral imagery at such high speeds, this paper also discusses applications of real-time hyperspectral imaging technology. Example imagery includes such problems as detecting counterfeit money, inspecting surfaces, and countering CCD.