As I remember from my Light Sound & Waves Physics course in college, what we see, hear, smell, and taste are all just the same waves of different length (i.e. different frequencies of the same light).
When a person downloads a song into a flash drive, it (light) gets saved in a drive that's nothing more than electrically charged compressed air. The frequency amplifier copies and enlarges the ups and downs of the waves into audible soundwave lengths through a speaker (vibration device). Then, we can hear it.
These israeli techies are not using an amplifier technology. They somehow found a way to send programed light into a human head so the head without the use of ear drums "hears" the sound. The article denotes how this device can make a person hear the sound as if it is in front of him, behind him, left of him, etc. You can move about and still hear with the same quality and volume kind of like you can stream a youtube video on your phone uninterrupted while moving around your house.
The visible waves work the same way. The programed light gets received and decoded by the tv which then translates the programed the ups and downs in wavelengths and moves around the liquids in a flat screen to form stuffs you can see, which in turn is pretty scary if you think about it. Using the same technology of this firm, you can have a person "see" without the aid of a light emitting flat screen and experience seeing.
It would be a great technology for scary movies but I see how it can be misused to drive people insane or even make people do terrible things by hackers pretending to be gods and angels talking to people. One can even broadcast to many people false feeds of people doing things. Remember all we see and hear through devices now are digitized. We switched from the Analogue world two decades ago.
You don't even have to purchase this device. Someone who has a 3D photo of your ears pretty much already has full control of what you hear. Have you given Apple/Samsung/cell phone providers your 3D face by using face recognition unlock feature on your cell phone? Hmm.