Researchers at Ben-Gurion University of the Negev have demonstrated a novel way to spy on electronic conversations. A new paper released today outlines a novel passive form of the TEMPEST attack called Glowworm, which converts minute fluctuations in the intensity of power LEDs on speakers and USB hubs back into the audio signals that caused those fluctuations.
Although the fluctuations in LED signal strength generally aren't perceptible to the naked eye, they're strong enough to be read with a photodiode coupled to a simple optical telescope. The slight flickering of power LED output due to changes in voltage as the speakers consume electrical current are converted into an electrical signal by the photodiode; the electrical signal can then be run through a simple Analog/Digital Converter (ADC) and played back directly.
Researcher's web page which has links to: download the paper, download pictures, and to play test samples and resulting captures.