He is a good snake oil salesman. I would have to see more than video special effects before I believe much of anything he said.
'Augmented reality' is a great goal to work towards, and I see this guy is making good progress towards it. (Augmented reality is like virtual reality, except that it overlays a layer of virtual reality on top of the real world.) A pilot's heads-up-display is probably the first augmented reality to really work.
Using a projector rather than the usual computer-display-glasses is an interesting touch, in that it allows other people to see what you're doing.
(Of course, if the other people also had systems with glasses, it would be possible for them to see as well.)
The glasses approach has other advantages though:
-No flat surface needed
-Could use 3D (making that '3D pen' a lot more effective)
-Could overlay on objects any distance away (directions while driving, label stars in the sky, label buildings in a skyline, assist in aiming a gun, et cetera)
-Could act as a night vision/binoculars/heat vision/radar/et cetera, if equipped with the appropriate camera
Of course, the most elegant approach would be a system integrated directly with the body's nervous system, but the technology for that is a lot further out.
Super-kudos for making it open source though! Being open source would allow any enterprising programmer to add useful new funcitonalities to the system- which would likely lead to new functions that the original developers would never have thought of.