$500 is really steep, but I would love to own one. Its made by the same folks who do Neo-Geo arcade-to-home conversions (a'la supergun) in really nice wooden cases. They certainly are a premium product. From what I understand, they've designed and manufactured a new motherboard, and populated the CPU and PPU (the NES graphics processor) with original parts salvaged from working but cosmetically-unfit originals. There's no emulation, and its not simply the guts of a common famiclone in an aluminum billet. It's 100% compatible with all games because the key components are the real deal. It supports NTSC (US/JPN) and PAL (Euro, Central/South America) games, and with the proper hardware color palettes too. Then, it also offers RGB, Component, S-Video, and Composite outputs, in addition to two clean audio outputs (still Mono output, but this should still give much cleaner and better-balanced audio). It's kind of a low-volume product by definition though, hence the high price of absorbing all the R&D in relatively few units.
The 3D-glasses are indeed a vintage Nintendo accessory.