Yes, it is promising... They have already shown this to work at USC with clinical trials starting back in 2002. Same design, same concept. Not sure what this brings to the table...
"I need help! I want a small pocket camcorder but I'm not sure which one to get. I don't want to fall into the hype of the Flip because I worry two hours won't be enough. What should I be looking for when considering a small camcorder and where can I get a good quality one with expandable memory? Thanks!"
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More info on the multi-disciplinary, multi-institutional, multi-promising project: http://artificialretina.energy.gov/