We should stop making it illegal for people to do what they want to things they own.
It would be nice to live in a world where the needs of nerds are more important than those of idiots on Instagram but that's not going to happen.
Luxottica/FB should be free to make a product/service they can charge for and you're free to buy something else (PineGlasses release in 2030?) or hack it.
You making a modification to your glasses to hide an LED isn't a repair... at least in the terms the FTC is using at present.
Probably not but many of us live in the surveillance states. Businesses and governments already have lots of hidden and visible video cameras everywhere, I don't see why citizens shouldn't be granted the same liberties to invade others privacy instead of having double standards.