The Nike Hindsight cyclist's glasses from designer Billy May (we loved his Torn lights before) are designed to do one simple thing: stop cyclists from getting hurt on the roads. At the extended side of each lens is a carefully arranged high-power Fresnel lens that captures the view to the sides of the wearer's head, and sends it into the peripheral vision.
That's the bit of your eyesight that doesn't capture too much detail but does excellently at detecting motion...so the extra data hopefully wouldn't be too distracting. Essentially its a clever way of augmenting your normal checking of the road, and avoiding being side-swiped by a fast-moving vehicle that was sitting outside your normal vision zones.
Simple and blindingly obvious, when you think about it... and could have potential uses in all sorts of places. I know it'd help with my skiing... or at least would've helped me avoid that dumb snowboarder who knocked me flat last year when he wasn't watching where he was going. Hopefully it's a concept that'll be a reality soon.