A technology similar to this has been available since around 2004. Its called rtfMRI (rt=real time), The work is being done by a company called omneuron. They've found some success working with pain patients. They watch an image of the activations occurring in their brain in real time and they learn to control them and in turn control their pain. They are in the process of recruiting people around Menlo Park in Cali who want to try to manage their pain in a non-invasive way. There is no camera to actually see the thoughts in a physical representation, however they do learn to "control" them.
Here's a link with the head of the project giving a 4 minute TED presentation about it.
Here's a link to the actual full scientific write up they did.
Note- None of the people's brains exploded.