I hope the final production model of Google Glass is way less than $1500. I just can't see the masses plopping down that much money on something like this. Plus this article goes to show you something similar can be had for $200. Even if it were $300, I don't find them compelling enough to want to get them.
This seems like a lot of work for just having a phone glued to your face (also considering the fact that it does not have phone capabilities). I may be reading this wrong, but it seems like you need to use an actual keyboard with it? So basically it's a smartphone with a bunch of cables, none of the actual telephone features, no touch screen, and a bunch of stuff you have to carry around.
That being said, that would be a fun project. It's just not really an "alternative" to Glass.
I would still prefer Google Glass to be cable powered and connected to the phone, an extension for the eye and ear, just like the headphones. Connect it or not, but you still got your phone in your pocket. And more battery as well.