It's a pair of first-person shooter glasses. You cut out all the grey bits, stick the arms on the frame, and then wherever you walk in real life you get the same view as if you were in a FPS. I find the idea quite appealing.
There were some other interesting things there from the same artist, including a T-shirt iron-on that lists social networking sites (so you can tick the ones that you're on) and some DIY Sims selection crystals you can hang from the ceiling.
It's odd, though, that non-gamers are quite happy to classify these are art, yet they have so much trouble calling game design itself an art form.