That is nothing more than a strap with a holder for your iPad and two lenses. The only thing interesting on that is the high resolution of the iPad display, nothing else. There are tons of similar things around:
Samsung Gear VR (uses Galaxy Note 4):
http://www.tested.com/tech/concepts/464299-samsung-and-oculus-vr-announce-gear-vr-innovator-edition-hmd/Durovis DIVE (also ex-Kickstarter):
https://www.durovis.com/dive.htmlVRASE (another Kickstarter):
http://www.vrase.com/If you want to build one yourself, there are even several cardboard versions:
http://www.roadtovr.com/google-cardboard-vr-smartphone-adapter-vr-toolkit-sdk-io-2014/It is hardly new and hardly anything sensible has been developed for these gadgets - e.g. the DIVE is our for several years and you will find about 5 apps total on Google Play that support it. And most are just Durovis demos.
These strap-your-phablet-to-your-face gadgets are fairly pointless - without having a way to interact with the device (e.g. a gamepad or something to track your hands) you are limited to viewing panoramas or non-interactive demos. That gets old very quickly, especially because it induces a lot of motion sickness, and has nothing to do with virtual reality - the ability to interact is essential there.
Also some sort of universal support for these is next to impossible, because the software must pre-distort the image to compensate for the lens distortion - and that depends on the lenses and display size/resolution which differ between the different phones/tablets that are being used, fragmenting the market. That's why Samsung offers this only with the Note 4 phablet and nothing else - that is the same display used in the Oculus Rift DK2 development kit, so they have easier time to develop software for it, using the Oculus SDK.
To conclude, I am working on VR applications for some 13 years now and I am really sceptical of the practical utility of these things beyond the 5 minute novelty effect. Unless you are a developer interested in working on it, don't bother. There is little to see there for a lay user so far.