This is a great idea, but I should note that it was originally demoed at the beginning of the year [1], and MS have since decided not to pursue it commercially[2].
Lightpack [1]--a Kickstarter Project--provides a similar immersive effect, but in a more primitive fashion. The good news is the project was funded and will hopefully start shipping soon.
Seems like a really neat idea. I love the idea of being immersed in a video game without having to wear headgear, or building a $50k crazy setup. Obviously the point of this type of setup is different than a fully 3D interactive experience. I'm guessing the effect is pretty powerful, because really, all you need to focus on is the center of the action (the tv), and the peripheral information could be low-res, and blurry and still help with the immersion.
There's so much potential here to introduce a product or couple this with the Xbox. I'm not as interested in the video game aspects as the general use ones -- movies, videos, etc.. I would consider buying a Blu-ray if it added specific content that increased immersion using this device.
I don't think that's a good idea. If the director didn't intend for a work to have these immersive lights as part of their work, then you are adding a dimension to it that could change the work's meaning.
E.g. What if you used this with the crazy freakout scene at the end of 2001: A Space Odyssey and it totally changed the meaning of the film? Wouldn't that diminish the purpose of the work?
When originally revealed, the XBox One was supposed to have this. This was then decided against, as the price would have been way too high for a gaming console.
I really wish I could see those videos on Linux. It certainly looks cool, but it seems they need some sort of Windows media player plugin. Was anyone able to see them in some other way?
[1]: http://www.gamasutra.com/view/news/184581/
[2]: http://www.bbc.co.uk/news/technology-23943486