We asked Magic Leap for statements about what the company is working on and were rebuffed. The most we got from a company rep was this: "Our product will be mobile and will not require plugging into a computer."
That's an important distinction from the likes of Facebook's Oculus Rift virtual reality headset (which requires a wired connection to a powerful computer). It's more akin to something like Google's Glass headset (which is a type of AR), or Samsung and Oculus VR's "Gear VR" headset (which uses your phone and requires no wires or computers).
The company's website says little more about Magic Leap's intentions. The jobs page lists lots of expected positions (optics, programming, etc.), but also has some interesting positions for an "Android developer" (which tells us that the headset is likely to be powered by a smartphone-esque computer) and a variety of positions for cloud developers (adding credence to our guesses about how the headset is handling data storage).
There are also positions listed for "telephony" and a couple of jobs in the health care department. If nothing else, Magic Leap is taking a very broad approach to what it wants to deliver.
Now all that's left is actually showing that product.