There are three, 185-degree fish-eye lenses paired with three, 8-megapixel BSI CMOS sensors. Combined they provide a 360-by-300-degree field of view. All of the image stitching is done in camera and the MP4 video and JPEG images can be viewed with any player or image editor.
There is a proprietary player that will give you the best experience, but the 360cam files are standard equirectangular projections, so you can use most 360-degree video and photo players. They're also compatible with Oculus Rift.
One of the cooler aspects of the design is that the base can be swapped for other things, such as this lamp socket adapter that will power the camera. You can then set it up in the middle of a party and record the whole thing, or use it as a security camera or baby monitor.
An Ethernet base will also be available that can supply both power and network access so you can stream without worrying about a wireless connection or battery life.
Software and hardware developer kits are available too, if you think up something want to do with the 360cam.