What. I don't have the minimum system specs?! What is this?
Later: It didn't seem to matter at all. So is your speed vectorial (er, velocity then) just to make moving that much harder, or is it something else?
Freaking cool though.
No no, it doesn't affect your speed, it affects the speed of light. If it affected the speed at which you where going then then you'd be bumping into everything by barely tapping the directional keys.

The whole point is to show how it would like when the speed of light is relativistically much slower than it actually is. The Red/Blue shifts occur when stuff is moving away/towards the camera, and the perspective distortion is due to light entering the camera's eye-point at significantly different times... although now that I think about it, everything might be red-shifted even if you where just standing still.
It doesn't seem as cool to me for some reason... maybe its because augmented reality/simulations have been used for years?