Cool project by teenager kids shame that its useless in practice since thered be no sw support from major engines. So as a next project youd need to make an engine plugin for ue4 for example.
All the "useful" stuff you're thinking of very likely started out much less polished / refined than this project. It seems to have struck a chord with this audience, and it will only get better from here.
I dont think this particular project will go anywhere really. But these kids will probably gain something for this for their future careers.
Or much simpler: make it OpenVR or OSVR compatible. With any of the two it will work with the vast majority of games available.
Or maybe get it working smoothly with WebVR compatible browsers ?