It works via sliding your phone in it.
Your phone projects the images and you view it via the lens. Same as how google cardboard would work. Its not like oculus rift and htc vive which are stand alone headsets.
Not too sure how the quality would be like but you can definitely view 360 videos and stuff. Personally i'd rate it moderate quality. Universal vr headsets always suffer alignment issues. You can check out one of the many vr apps on google playstore.
If you have a samsung s6 / s7 you should consider the gear vr instead. You can pm me for more info. Im a VR enthusiast.
Also an extra question.
My phone is on its way here so...
what extra accessory or good, would you suggest me buying?
i will buy a power bank, a bluetooth earplug so that Wires don't get in my way.
Xiaomi miband 2 , a mixza sd card 120Gb sd card, maybe a selfie stick with a mirror for the Main camera.
I guess all the above mentioned products are essential. Not too sure about the selfie stick though.
As far as powerbanks go, do not get those cheap ones. Make sure its a known brand. They're already one too many reports of powerbank explosions.