The New York Times says that the glasses will run Android, will include a small screen in front of your eye and will have motion sensors, GPS and either 3G or 4G data connections. Weintraub says that the device is designed to be a stand-alone device rather than an Android phone peripheral: while Project Glass can connect to a smartphone via Wi-Fi or Bluetooth 4.0, "it communicates directly with the cloud". There is also a front-facing camera and a flash, although it's not a multi-megapixel monster, and the most recent prototype's screen isn't transparent.
Я так понял, записывается оно напрямую в облако, т.е. продолжительность зависит от аккаунта. Насчёт качества размыто, не уточнили.