I think I have seen this before, probably on here. It's not something that I would like to wear and I wonder how prone it will be to going off at the most inconvenient moments (sadly something which I have experience of, but not with bicycle helmets). This could even prove to be dangerous under certain circumstance.
On a positive note, I suppose that it is recognition that when head hits pavement, it is important to bring the head from X MPH to rest in a controlled and gradual way (ie reduce the acceleration forces on the brain).This is something which the mass produced polystyrene helmets don't do. The sponge inside these helmets does nothing to reduce the acceleration forces because there is not enough of it to compress, and the polystyrene is virtually incompressible too, so all force is transmitted directly to the skull and then into the brain via the skull wall.
I think the future of a properly protective cycling helmet lies in some form of collapsible honeycomb structure for the outer shell. Something which will deform and reduce that abrupt and damaging stop which is characteristic of the present mass produced helmets.