GoPano micro - Capture 360º videos from an iPhone 4

love the KickStarter program that allows people to come up with new ideas and throw them out there to see if there is any interest. It allows for short run manufacturing so that these products can actually be built and delivered to those that are interested enough in owning them. The GoPano micro is just one of these projects. The goal of $20,000 was set to to initiate the project and it has been met. The go ahead date for the project is May 14th so it will move forward. So what is it?