Looks like it just uses the reflected intensity to estimate the depth, then pastes the original colormap on top of that? Incredibly clever and simple hack.
More like (I'm guessing) it uses the change in reflected intensity with respect to the change in light position to estimate a surface normal (e.g., forehead is the same for all light positions, left side of your nose is bright when the left light is on, dark when the right light is on, right side of nose vice versa, etc). It then finds a surface that agrees with these normals by solving a partial differential equation. Clever, not simple. (Although I guess it's a compliment to say they make it look easy.)