This is really cool calvin! Looks like it's called the Speed Up Bag - designed to mount to the handlebars and reduce drag when riding while still providing storage space.
They're doing an Indiegogo campaign (like Kickstarter) and struggling to reach the $20K mark (as of today 03.02.2014 they only have ~$1.2K with 14 days to go). I agree that the price seems a bit high but I do like the design... Maybe we'll see something like this from another manufacturer in the future. Here's the video overview they did:
There are lots of frame hugging bags (that mount behind the stem and on of the top tube or inside the triangle of the bike frame) that are also probably pretty efficient. The Stealth Pocket is marketed as an aerodynamic bag and costs $23. I've owned the Goody Box by Timbuk2 and it actually holds your phone in a clear area on top of the bag which is pretty neat, again only $35.
Coming from the recumbent world, fairings are not uncommon but the general censuses in discussions there is that this would be that advantageous. If anyone is interested in fairings there are options such as those sold by TerraCycle but these are really aimed at the recumbent markets, e.g., trikes but they do sell the XT Mini faring which can be fitted to handlebars.