It's ironic that deep neural networks have become the biggest machine learning breakthrough of 2013: they were also the biggest machine learning breakthrough of 1957. The idea dates back to the Perceptron, one of the oldest ideas in AI.
One thing to note: although there was a lot of initial excitement about Restricted Boltzman Machines, Auto-encoders, and other unsupervised approaches, the best results in the last year or so have all used conventional the back-propagation algorithm from 1974, with a few tweaks. http://en.wikipedia.org/wiki/Backpropagation
Ben Lorica wrote a good article on the latest deep learning research from Google, and what's changed since neural networks were last popular in the 1980's: http://strata.oreilly.com/2013/10/deep-learning-oral-traditi...
What's old is new again.