It's worth noting that this is a research prototype, and that the team is anticipating rapid progress towards a better form factor. From the utah.edu link posted by maxerickson above:

Mastrangelo said a lighter, more attractive pair could hit the marketplace in as early as three years and that a startup company, Sharpeyes LLC, has been created to commercialize the glasses.

Huh. That's a super simple and affordable approach. I'm somewhat surprised that they're able to do that without problematic distortions though.