Cinematographer James Miller spent two years developing a technique for converting 8mm footage to digital by beaming it directly onto the sensor of a Canon 5D Mark II. He replaced the bulb on an old projector with LED lights, and used elements from a disassembled lens to focus the light. You can read a step-by-step walkthrough of this project here.
Here are some videos showing footage he converted using this setup:
Not bad for a cheap DIY method of converting, huh?