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Here is the 3D tunnel with texture mapping code.
Its running at a very low resolution and scaled to fit the screen, even then on an iPhone 4 it gets about 4fps. The textures are processed with php to get the colour values which are then saved into a lua table which rebuilds the image in the fake screen buffer im using.
Its slow but it works and shows how easy it is to do something very complicated in Corona / Lua.
If these calculations were pushed into a C script, Corona could do this at full speed.