Definitely for real. But for hardware alone will probably set you back AUD$5000. Its awesome but annoying you have to carry the Wii remote around.
Two 46-inch Panasonic TC-P46G10 plasma screens bring the images to life. They are fed by an Apple Mac Pro workstation in the adjacent room running custom OS X software called Winscape. Using the displays’ physical layout parameters, the Winscape software renders the proper portions of the video to fill the appropriate displays using Quicktime and OpenGL. A Wii remote reports the position of a custom-built IR-emitting necklace in the room via bluetooth. The Winscape software uses this tracker information (when available) to shift the view for the person wearing the IR necklace. Sleep, Wake, and Scene Selection can be controlled by a web page served by the software or by the Winscape Remote iPhone App.