Believe it or not, someone saw the following video (3:24) of an ABB FlexPicker industrial robot - considered the world's fastest pick and place robot - and decided to construct his own ... out of LEGO (see second video (4:39) below):
For more details on the LEGO FlexPicker, here's the designer's description:
This robot is based on the ABB Flexpicker industrial pick and place robot. It uses four NXT microcontrollers with various Lego sensors and motors. It is very easy to program, each position uses an array element containing 3 motor positions, 3 motor speeds and an action such as grip, release or pause. I can easily teach it to pick anything up as long as it can reach it and it will fit into the end effecter. The robot is programmed using RobotC 1.45.