From Tilman Griesel's posts on DIY Drones:

Open source project to make FPV(first person view) with the raspberry pi easy to use for every one.

OpenFPV is a project that uses latest technology to provide low latency, easy and well tested open source FPV flying. Based on single-board computers, HD cameras and IEEE 802.11. 

Current Features:

• Recording
• Web interface
• Low-Latency H264 Streaming (≈120ms)
• RESTful API
• Customizable
• Extendable
• Installer (in progress)
• Minimal bettery consumption

Roadmap:

• Invite more people to join the development team
• Complete the installer
• More field tests with different setups
• Create desktop applications for mac/win with HUD support
• Add OculusVR support

Release is not available yet but you can follow the progress on DIY Drones or the OpenFPV homepage.