Simple but wonderful. The feeling must be great... Pretty close to fly like a bird but without the risk to fall. In fact you could lay down with your VR glass and just look around:

The airplane is a conventional one, controlled by a wireless remote control. On the airplane is a pan-and-tilt camera, controlled also wirelessly. Here's the cool part. The video is viewable through virtual reality goggles, which have a gyroscope built in to sense the movement of the goggles. When the wearer moves his head, the camera moves.

More here: The Raw Feed

and here at BoingBoing