Hmmm, yeah, looks like it works in essentially the same way as the glasses. At least due to the two lcd screens, though, it doesn't have to halve the refresh/update rate in order to do so (I assume). Those glasses tend to give me a headache because of the low ref rate. However, I can only guess that the 'directed LCDs' are not as effective as having a shutter right in front of your eyeball.
And yes, it would be funny if Sharp got slapped with a big lawsuit ala The Jerk.