I heard of the development of this technology from Dr. Michio Kaku, he is a theoretical physicist and a brilliant one at that.
Idk about the model they are showing in that demonstration, I think they have quite a way to go before we could really do something like that.. sure they can put pictures wirelessly to your contact... but how are you supposed to focus on it when its that close to your eye? The average focal distance for a person with 20/20 vision is about 2-6 inches. Also the second problem I see with this model is it is not transparent enough. I believe they will figure it out eventually though.
And the soon you will be able to surf the internet and watch tv while looking like you are paying attention to someone. Something I wouldn't mind see but I do see the problems that would arise with it.