From what I recall, it works much like the old 3D glasses (with the red and blue lenses).
You run special software on your PC, and then fire up the game. The video output is split into two channels, and your monitor looks like it's gone beserk.
The glasses have lenses in them which refresh at different rates and fooling your brain into making it one solid image again, but it looks 3D rather than flat.
The glasses need to patch into the video signal so they can refresh at the same rate as the monitor and make sure that each lens is displaying the correct image at the right time.
I think they'd be interesting toys to play with, but I'd definately want to have a go with them before I shelled out.