Not to nitpick, but there is a stereo aspect to it. The IR projector is offset laterally from the IR camera, and this is critical to evaluating the depth, because the disparity of the IR dots is more extreme the greater the distance between the emitter and the camera.
It is actually exactly stereo, except one of the cameras is replaced with an IR projector; you basically do the standard stereo math as though the projector is a camera 'seeing' the image that is being projected.
you must be thinking of something else. kinect has two cameras, one for laser IR particle-filter type stuff, and then an rgb camera. it isn't stereo vision with two regular 2d cameras, however, doing displacement math. it is looking at the grid of dots projected and seeing where the dots moved in order to create a depth map.
