Is it obvious that this is not finished product? A prototype?
The fact that prototype has been pushed forth means that form factor is still in making and can be pushed to match Google Glass original size if needed.
Does it mean that we see a better version of Google Glass? It does appear to be so. Google libraries can be run on hardware that support them. How many clones of existing hardware has been made in China versus device sold in North America? Plenty, to make companies in USA engage in all sorts of licensing to physically prevent Asian make clones reaching North American public. How is that for competition!
What this shows is that Asian users will get cheaper, more functional device compared to overpriced devices we get here. Albeit, without full functionality of google glass. However, Android can be extended for this purpose without Google Glass specific attributes like screen size.