pretty cool but there is better
I think this is quite interesting but I think it would be better if the system tracked eyeball movement and then moved the camera in response.. obviously far more difficult.
A more interesting project I saw before on hackaday was where a guy mounted a camera off the back of his shoulders and set up slightly and wore a pair of goggles. He was literally watching himself walk around as if he was in something like second life.
Infact.. video here: http://www.marcowens.co.uk/avat.html