Based on the patent images this is AR, not VR. They're entirely different - this might compete with the rift for mindshare, but it doesn't do the same thing at all.
If you haven't read it already, here's a link to Michael Abrash's blog on the different technical challenges of AR and VR (and why VR will succeed way before AR will)
http://blogs.valvesoftware.com/abra...o-the-future-of-wearable-computing-part-1-vr/
http://blogs.valvesoftware.com/abra...o-the-future-of-wearable-computing-part-2-ar/
If you haven't read it already, here's a link to Michael Abrash's blog on the different technical challenges of AR and VR (and why VR will succeed way before AR will)
http://blogs.valvesoftware.com/abra...o-the-future-of-wearable-computing-part-1-vr/
http://blogs.valvesoftware.com/abra...o-the-future-of-wearable-computing-part-2-ar/