No no, see my comment. They don't project directly onto the object, and they use a number of projectors, each of which will correspond to an "angle" that you see. Sure they might not have enough pixels to mimic exactly what you see in the real world, but they can probably get decently close.
Also, with regard to your comment about making pixels look different depending on the angle, there's an alternate approach to this using stacked LCDs that's getting interesting results.