Yes, that does look cool. A researcher, in an attempt to advance the state of artificial intelligence in computers towards a human-esqe approach, has built a shoulder-strap computer simply using a cheap pear of video glasses that were hacked to a fit one lens of the glasses.
Martin Magnusson also utilise a Beagleboard (a computer running on a single board) running Linux and a fold-able Bluetooth keyboard from Nokia. It is also hooked up to his iPhone for internet and a mini USB hub in order to have Bluetooth connectivity and the display.
There are a couple of posts on his blog on how he manages to achieve this – with each component broken down in an individual post.