According to "several Google employees familiar with the project" who spoke to The New York Times, Google is working hard to release a working Android-based glasses with overlaid heads-up-display before the end of this year.
According to the unnamed Google employees, the glasses will cost "around the price of current smartphones" and it will have 3G or 4G data connection in addition to a number of sensors including motion and GPS.
More info was uncovered by Seth Weintraub, a blogger for 9 to 5 Google. According to him, the glasses will look like a pair of (pictured alongside this article). The glasses will make use of an unconventional navigation system that relies on head tilting for scrolling and clicking. "We are told it is very quick to learn and once the user is adept at navigation, it becomes second nature and almost indistinguishable to outside users," Seth reported.
Interestingly, all sources agree that Google's primary concern is not about making profit from the glasses; instead, the company treats it as an experiment with potential business value that should be investigated according to customers' reactions.