Regardless of singularity thoughts, I really enjoy watching new tech become possible due to price drops in components. This would not have been possible just a few short years ago as the price(and size/weight) of LCDs and sensors have fallen significantly. I'd say the smartphone boom has been responsible for most of this advancement. This device is not much more than two phone-sized LCDs strapped to your head. Of course it's the code that makes the magic happen with low latency head tracking.
Commoditization of hardware components will continue to open new doors for developers. "No one would have bought a $10,000 iPod" - as the saying goes.