According to: http://www.brainm.com/help/Positions_and_brain_function.htm
Fp1 controls Logical Attention:
Note that sleep is not listed.
It doesn't say what type of control can be obtained with this, but I imagine it is similar to the device listed below, so yes, it could theoretically be possible to control left right, however, it doesn't specify latency/processing time, so it may not be as useful as a tactile controller. Again, the documentation is lacking.
This type of sensor is hardly revolutionary, it seems that the integration and miniaturization are the key differences between say Melon, or this: http://www.amazon.com/s/ref=bl_sr_electronics?ie=UTF8&field-brandtextbin=NeuroSky&node=172282
The most obvious non-listed application for this device, is to train yourself to be a better video gamer. Seriously, the pre-frontal cortex, real time executive function, a "focused state" would have all kinds of useful applications, especially for real-time activities involving executive function: Video Games, Race Car driving, Piloting under extreme weather, 1 on 1 sports such as tennis.