A good friend of mine at Google is the technical lead of this project (he has a Phd Princeton, and was a professor before joining Google). I've tried it in person and it was truly amazing. They used some very fancy tech when I saw the demo, so I'm thrilled it is finally being announced and possibly shared with a larger audience. Explanation of why it is amazing: It totally fools your perception. No glasses or goggles…
Because optometrists are illegal in my country (here only medics can decide what glasses you can use), currently I don't have stereoscopic vision, although my brain CAN do it, if I had the correct images sent to my eyes somehow. (one of my eyes muscles is slightly shorter than the other side thus the images on that eye are shifted unless I had an optometrist design me glasses with a prism).
So when I watched Avatar, an actually well made 3D movie, it literally felt more real than reality, despite it being obvious fantasy with aliens, floating rocks and all that stuff.
EDIT: for those wondering, I am from Brazil, here medical professionals often sue the shit out of anyone offering any service remotely similar to an optometrist, they are quite aggressive about it, some attempted to make even discussion of the subject illegal. And when I was trying to get the prism and asked around my medics about it, one of them went really ballistic, I honestly thought the guy was going to punch me. I believe the reason for that is that for many medics, designing glasses is their only source of income, a guaranteed one, since here is ALSO illegal to buy glasses without a medic desining them for you first, even if the new glasses are supposed to be identical to the old ones!