This optional eye piece is made of rubber (front side) and shields your eyes during landscape and portrait shooting. With this eye piece you have a clear view on all displayed information, even in difficult lighting conditions.
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I bought this thinking it was the thicker eye cup for my OM-D EM-5. It turns out to the the same thickness as the normal eye cup that comes with the camera. But I do now have a spare eye cup for the next times mine disappears.
The Olympus OM-D EM-5 eye cup seems to come off far too easily and I lost mine in a field somewhere. This is the replacement part from Olympus, which explains why it's so expensive for a simple bit of plastic & rubber. It would be better if for your money you got something that stayed on better.
... you lose the original or in my case, the original was damaged. It is a two or three part design and the soft rubber came apart from the frame on my first one. It is expensive though (I got a third one for RM50 in Malaysia)