I mean, it looks like they're adding stereo video to youtube (didn't it already have that?) that you can view on your Cardboard or Daydream headset (couldn't you already?) so... it's a rebranding of that? The only 'new' thing is that they're partnering with a couple of hardware companies to make stereo cameras exactly like someone (Samsung?) was selling five years ago.
(Edit: Except that the example VR180 youtube video seem to have been shot at 5-10fps for some reason - is that just me or is this part of the charm?)
/old-man-shouts-at-cloud