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rover said:

Wikipedia:

The EyeToy is a color digital camera device, similar to a webcam, for the PlayStation 2.
Due to the camera's need to "see" the player as they play, the camera needs to be used in a well-lit room. To help let the player know when there is not enough light, there is a red LED on the front of the camera that flashes when it is too dark.

[Project Natal] The device features a "RGB camera, depth sensor, multi-array microphone, and custom processor running proprietary software
The depth sensor consists of an infrared projector combined with a monochrome CMOS sensor, and allows the Project Natal sensor to see in 3D under any lighting conditions."

So, the depth camera can operate in perfect darkness, the EyeToy requires that you have sufficient light. 

EyeToy is only an RGB, Project Natal is an RGB *and* a depth camera.

Hmmm, interesting, I didn't know any of that stuff. It sounds very expensive.