Molecular gastronomy isn't a new term but it is new that you may have heard it. Originally known as the science of food and cooking, it has become a term for new science techniques applied to food. For example: while adding gelatin to foods and liquids is nothing new, it seems that using it in new ways is. In this video with Jamie Boudreau, he takes a simple liquid and adding gelatin to it, makes it a jelly-like consistency that when added to an oil, causes the item to come together and form balls or "caviar" that help make any dish new and exciting.
In this site, carrot caviar was made using a similar idea pattern but different solutions.
A hydrocolloid is the term that describes gelatin es and things like agar or pectin that can tern a liquid into a solid or a jelly-like state. So, for any of you experimentalists out there, try playing with your food.