This looks like it is actually creating a 3d model. The app you linked to I think just stitches together photos into something closer to street view. It's not actually 3d, it just looks 3d because you have enough photos to cover the whole field of vision.
Until you look down. Or until you have a different eye distance than average. Or you try to move a bit and there are things close enough to make you dizzy.
Cardboard didn't need any of those fancy things, of course. It was bad enough with abysmal latency.
