http://www.yellowbirdsdonthavewingsbuttheyflytomakeyouexperiencea3dreality.com/showreel
Watch the video at the link for an impressive example.
This probably has been around for a while, but I just recently found out about it. With this system, a video can be taken all directions at once (except for down). I can't see this really being used much for fictional films, as we are so used to seeing the action all happening from one frame of reference. I think the bigger application will be for documenting important events and locations. Perhaps future historical archives will be filled with 360 videos of cities, disappearing natural environments, inaugurations, concerts etc. People 100 years in the future wont have to rely on what other people say the 21st century was like. They will be able to look around themselves.
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