Molecular gastronomy is a food science; when physical and chemical transformations occur in ingredients during a cooking process. There are three components in the culinary arena, social, artistry and technical.
Molecular cuisine is a modern style of cooking and takes advantages of many technical innovations from the scientific disciplines.
The term molecular gastronomy is also known by the following terms: multi-sensory cooking, modernist cuisine, culinary physics and experimental cuisine.
There are many technical techniques, tools, ingredients and terms used for this scientific cooking style, such as making foams with carbon dioxide, liquid nitrogen for quick freezing and shattering, centrifuge to separate immiscible liquids, maltodextrin which can turn a high-fat liquid into a powder, transglutaminase which is called a meat glue and spherification, a caviar-like effect on products.
The current Culinary Guru’s using this technique of food science are Heston Blumental, Ferran Adri and Gran Achatz, to name only a few.
There is still no name that has been applied in consensus though, and the term molecular gastronomy is still being used even though some chefs dislike this term, but then would rather refer it to deconstructivity to describe their type of cooking.
Have a look at this site for more in site to this molecular cuisine.
http://science.howstuffworks.com/innovation/edible-innovations/molecular-gastronomy.htm
Keep it cooking!