but it's NOT made by Apple!
http://www.theregister.co.uk/2014/01/08/ik_mulitimedia_iring_gets_hand_in_first_for_ios_motion_control/
You can be certain if Apple made the ring it would cost at least £100. Also I wonder how long it will be before Apple try to get them to change the name.
Lets hope that they can be used with non Apple products as it sounds like a really funky gadget.