I bought the early version of this technology 5 years ago from the inventor Jonathan Alexander called the VIP Theater (and I'm not talking about the 3D wizard, which is still available and uses colored glasses). He sold some units then never really gained any momentum because 3D TV was dying. His unit used the scan rate of a monitor/TV and divides it in half with each eye, and you will need shutter glasses. I could use 3D blurays from a 3D bluray player, and it would show the 3D, but the ghosting of seeing both the left and the right images was too much I had a 60hz 2D TV at the time), and if it didn't ghost, it created too much flicker. I tried it on a 120hz monitor and it worked okay, but very, very dark. It would definitely need a more up-to-date 120hz TV to work right, which most LCD, LEDs and Plasma TVs do these days. The other issue is the brightness of normal TVs is not usually bright enough for 3D because the glasses take away a fair amount of brightness and 3D TVs usually go into an enhanced brightness mode to make up for this. I finally sent it back, as it was just too dark and ghosty. Again, what I saw was version 1 of this technology, and I will give it a fair shake when they finally ship it.
That said, using it as a 2D to 3D converter is probably not going to be much more than pushing the 2D image back into a 3D image plane without much 3D, but again without seeing a working copy it's hard to judge. From looking the game demo, they are using bottom up 2D->3D conversion. In other words, in real life objects at the bottom of a screen are closer to you than at the top and the computing chip will use this as a way to convert. The problem is for the chip to guess at where the horizon or infinity is. If it doesn't guess right, then the screen will look like it's warping up the middle and back out again. There are other algorithms, but this is the most popular.
Another concern, weirdly enough, is the price point for the unit. It's very low, which tells me they are hoping you will still like what you see, though not great, because it's relatively cheap. What I don't like about this stuff is, if it's not good (or suffers the brightness issue), it will just put another nail into the 3D coffin
. Let's hope it is good
If you want to know what Jonathan Alexander is doing these days, you can find him on LinkedIn: https://www.linkedin.com/in/jonathanalexander3
His 3D converters are still be sold in Canada: http://www.consignia.ca/brands/3D%252dVIP.html
Reviews on Avsforum were relatively good IF your TV or projector was bright enough to handle 3D. Again, a big if, and I have to think the Indio gadget will suffer the same issue.