Surprisingly, I don't think this is just a photoshop joke!
I fould a couple of sites with serious write ups & the website from the designers.
This is the website from the designers (it's in Swedish)http://www.hovding.com/how.php
Here is a website with a video & some photos. Apparently the thing is kind of large undeployed based on the silly scarves the models have around their necks. You can see the unit in the videos. it is about like the air pillow some folks use on airplanes. I really don't see this catching on. Seems like more nusance than a helmet (you need to keep it charged). And no more comfortable than a helmet. And no less geeky looking.
No advantages over a helmet with lots more cost...... Cost expected to be about $450.....
But you have got to love progress & the inventive, entrepenerial spirit!
VIDEO IS WORTH A LOOK.http://www.fastcodesign.com/1662525/trash-the-bike-helmet-try-an-airbag-for-your-head-instead-video#