It is, indeed, running Gingerbread.
As it turns out, if you can get it to install an update.zip, it won't check the signatures. Which means it's pretty easy to root :)
Cracking it open, the display is a Kopin, though I don't yet know which model.
It's designed as a look-around display. The prism has a mirrored backing and is wrapped in black plastic. The mirror coating on the prism comes off quite easily with a bit of rubbing alcohol.
So yeah, rootable Android (2.3) wearable computer. $300.
More details as the story develops.