'Instead of oversized virtual reality helmets, digital images are projected onto tiny full-color displays that are very near the eye.'The glasses that provide the actual screen and image can be paired with smartphones, tablets, or portable game devices (in consumer versions) that would deliver the video or other images. There are also military applications for heads-up displays for targeting or other battlefield information.
As with all of these glasses-display systems, I have to wonder how well they'd adapt to people with less than perfect vision. Somehow, these press releases don't seem to address that.
Source - Virtual reality contact lenses that beam images directly into your eyes could be on sale in 2014, Mail Online Science & Tech blog.