It looks exactly like those under $20 VR kits for phones. My guess is that the added value is in the app if it can overlay VR on top of the realtime video from iPhone cameras.
No, it's quite different from those, and it's not overlaying VR on top of camera video. You're looking at the real world through a diagonal window, and the phone screen is reflecting off that same window so you see it overlaid on your direct view of the world.