Likely this a camera with some sort of uber fish eye lens with some real time correction to compensate for the distortion.
Notice you can capture 360* video;but you can only view it the old fashion way. Through some kind of square frame.
So there is nothing revolutionary here regardless of what the hip marketing claims.
That is pretty cool. Even though you are watching the video playback on a normal screen, having the ability to spin around the view while the video is actively playing is pretty cool. Assuming that's what you can do.
IF their pictures of the device aren't make believe, it appears to just be done with a hemispherical lens that distorts stuff, and some math done on the resultant video to make it... well rectilinear is probably not right.. less distorted? It might jsut transpose were 0,0 is on the grid.
Wonder how much data storage is need for this. I mean at the very least just assume a 60° by 40° field of view, and assume the bottom isn't viewable part is not viewable, then you're talking 6 x 8 frames individual movies