Google Glass probably won’t be the next iPad, but it could very well end up spawning a new era of wearable computing that moves off the wrist and onto the face. Google isn’t the only company working on connected eyewear at this early stage, however, and a new competitor emerged this week at the annual Computex trade show in Taipei, Taiwan. Oculon Optoelectronics claims it is developing a device similar to Google Glass that will have a better display, longer battery life and a price tag that is lower than what Google will charge for Glass. Dubbed Oculon Smart Glasses, the device was shown off in prototype form earlier this week.

Oculon’s Smart Glasses will feature a 720p HD display, a dual-core Cortex-A9 CPU built by Rockchip, a 2,100 mAh battery and a 5-megapixel camera along with bone conduction speakers, a microphone, Bluetooth, Wi-Fi and optional cellular connectivity. Oculon also says the device will support speech recognition and gesture controls at launch.

Laptop Magazine spent some hands-on time with the device and came away somewhat impressed. To be fair though, the Oculon Smart Glasses look like a sad school project for the time being, held together by exposed glue and even tape in some areas.

The company has a bold mission though, and it seems to be on the right track so far. If it can deliver on its promises at the $500 price point it’s aiming for, the company could certainly become an unexpected contender in the wearables market if it manages to launch soon and secure solid distribution deals.

Another photo of the Oculon Smart Glasses prototype follows below.