The goggles come with an apps section, which currently includes an app for live feed from a Contour. My Hero3-Black doesn't work with it right now but I think that's because GoPro hasn't unlocked bluetooth on their devices yet. Once they unlock bluetooth I'm sure they'll make an app for it which will be awesome (digital rear view mirror!).
Other apps included something that ties in with heart rate monitors, and a basic stop watch.
I forgot to mention, another big plus is always knowing the time.
I completely agree with you, concept is great, it just needs a better implementation. I'd pay 600 for a second gen version if it had a projected HuD (even if it was just text and simple graphics) and 8-12 hour battery.
second gen is out with 6 hours of battery life