This is a concept video for Project Glass, a pair of glasses you’ll wear as normal but that will incorporate a HUD (Heads-Up Display) powered by the Internet.
The official name of this effort is Project Glass, but many people are already calling it Google Goggles. I must say it does seem to be a more-fitting name.
It should be noted that the device is still at the testing stage, but to actually reveal it in an official capacity means Google must be confident it will actually make it to market. One day.
If they actually work like the video suggests then I want a pair. Assuming they don’t cost a fortune. But the thought of us all walking around in these things is also a little scary if you ask me.