I love the idea, but having conducted many eye-tracking sessions I think that there are a number of basic challenges that the contact-lens implementation would need to overcome. First, contacts drift all over the cornea. It's really quite disconcerting to watch, especially when you've got obvious markers like vanity-coloring for irises. Station-keeping over the pupil would require technology that's not mentioned here. Alternatively, you might monitor the portion of the contact that's positioned over the pupil at any given moment using photocells on the underside to catch light reflected off the retina, but then you'll need a bigger display and use up valuable real estate. Second, similarly and perhaps even more importantly, orientation maintenance. If there was a good way for contact orientation to be maintained, bifocal contact lenses would be a reality already. Instead you encounter bizarre stopgaps like a reading lens in one eye and a distance lens in the other. Third, eyes are a fairly disgusting environment. Crud on regular contacts doesn't seem to impede vision, but the delicate electronics in a device like this might object to working in a wet, salty, bacteria-ridden setting unless very carefully insulated.
Nothing bad about reaching for the dream, but I'll take a pair of prescription Virtual Light-style glasses while we're waiting.