The specs sound impressive and would truely make VR much more complelling (I have an oculus rift and the resolution is noticable even on low spec games). On the other hand I would wait until actual units are out there but it doesn't seem that outlandish that Google and LG would be unable to pull this off. I assume this is targeted to the gaming market because at those specs unless you sell it at a loss the MSRP is go…
The one consistent thing about Google's VR/AR strategy so far is that it's extremely inconsistent. Different groups within Google are taking a lot of shots on different technologies and form factors with different partners. Some examples include Google Glass (built by Google X, now revived as Glass X for Enterprise) which was supposed to be picked up by Tony Fadell of Nest who then ended up leaving Google altogether, Google Cardboard (a side project by 2 smart Google France engineers for a conference), Google Dream w/ Daydream View, Google Tango (built by ATAP group and shut down after announcement of ARCore), and now ARCore w/ Asus and LG.
There is no discernible Google VR/AR strategy other than - let's see what bubbles up from different dev groups and, when needed, react to market forces (ARCore was a direct reaction to Apple's ARKit). IMO until Google really "focuses" on VR/AR with a dedicated group and strategy this new tech will remain a sideshow without much traction.