I am not so sure. I once played around with projecting an imax 3d space movie on the inside of a virtual sphere. It was a pretty awesome accident, because (so long as I didn't turn around and look at the seam) I had the illusion of asteroids and stuff actually floating in my space. I think there is a lot of potential for 360-3D video.

That said, I am not sure that content producers should focus too much on having things happening all around you. It's not great to constantly have to be looking all around, but it is useful to create the illusion of presence.