I wonder if tom7 has worked with or is aware of the people at geodstudio working on 3dsen. 3dsen is what this video reminded me of.
I suppose it depends on where you place the camera, on the player like tom7 "WolfNEStein 3D" or from a viewpoint far enough back to view a portion of the level like 3dsen.
3dsen approach is more playable and is really neat for depth in 3d and VR. Could be cool in AR as well.