Pretty cool. Nothing necessarily "new" but if this is an actual UI, they've done it way better. I remember about ~1999 "trying on" a wearable computer. It was interesting, but way in its infancy. Too small, also running Windows 98, and hard to control (with this joystick thing and your voice). Pretty sure my head slightly hurt after using it too. Definitely wasn't hooked up to wireless internet, GPS, etc. It was just a computer running Windows 98 basically. Boring, but back then it was cool I guess.
IBM Research | Projects | Wearable Computer
The thing on the left you wore and one of your eyes had a display near it.
I'm glad someone is doing something with it. Augmented Reality is also a cool technology. I really hope they pull this **** off. WOuld be AWESOME.