Yikes.
Edit: I know these aren't consumer devices. I'm speaking fron a developer perspective. Noticed how literally no one clapped when Sergey announced the price, unlike when the Nexus 7 price was announced?
$1500 is a blip in a dev shop budget. It's obviously not a consumer-ready device yet, and with it, no consumer-ready price point. There is no economy of scale at play here yet.
By comparison, something like the Recon Instruments MOD Live is $400[1] for a device that snaps into existing Ski goggles (which aren't cheap themselves). Recon does have lower-priced models and a subsidised developer program too.
[1] http://shop.reconinstruments.com/Product/MODLive/900-00007
Google clearly isn't sure about what direction to take the technology. They've espoused some vague notions about the importance of first person views and the ability to instantly capture precious moments, but that's about the extent of their push right now.
I think it's really cool that they're interested in getting devices into developers' hands to help them figure out where to take the technology.
Note: I think the price is pretty fair. If this was open to non IO attendees, I'd sign up for it. I want to understand what the solution is for people with prescription glasses.
The other thing is that I badly want a display. I think wearing a camera all the time is kinda creepy. Most likely I would put duct tape (or something else that made it abundantly clear I wasn't recording) over the recording bit unless I was in a very clearly public situation.