Ctrl+C, Ctrl+V from press release: "It neither requires any changes to the device drivers that are shipped with the graphics card nor does it replace those drivers. Therefore, eyeSCREAM is compatible with a broad set of existing and upcoming graphics cards from 3dfx, ATI, Matrox, and nVIDIA. Second, it provides broad compatibility with games without requiring customization of the game. It works with games as is and requires no modifications on the part of game developers" (OpenGL and 32-bit colour required)
First my own 2 cents worth:
stereo = 2
scopic = something to do with seeing (think of scope)
Then a bit from Websters:
1 : of or relating to stereoscopy or the stereoscope
OK that told us nothing, so....
2 : the seeing of objects in three dimensions
Basically, the link is talking about a way to see games in true 3D, i.e., each eye seeing a slightly different picture, each taken from a perspective of slightly to the left or right of the other one. This is obviously how we see the real world, and it gives a much better sense of depth (at least for most people) than anything you can do on a regular, 2D monitor. Close one eye and look around at the world, then open it back up and compare. This is the difference between current games (one eye closed) and games on a stereoscopic display (both eyes open).
As for the particular technology discussed at the above link... I don't think it will ever go anywhere. I haven't seen it for myself with the special glasses on, but so far all of the cheap alternatives to true stereoscopic displays have come out looking just like that: cheap. This one, to me, doesn't look much better. It may find a successful niche market, but someday good quality, dual-display LCD glasses will become cheap enough for mainstream adoption. When that happens stereoscopic gaming will truly be born, and gimmicky technologies like the one above will be forgotten, if they even last that long.