Does anyone see an environment in this new version that still allows freedom of movement?
The technology is clearly deeply related to the more freeform movement variants of the past. It's likely that even better freeform movement can be stitched together from a collection of linear videos than could be from a collection of stills in the past. I wouldn't be surprised if we see that start to happen soon.
In the previous version, random pictures around a scene could be stitched together allowing an experience you could explore. For example, one of the original, popular photosynths allowed you to explore inside an art studio. You could look up at the ceiling, walk on various paths, move close into pictures, etc. In this new version, you're stuck on rails.
tl;dr: In this version each node has two exit points: next or previous picture. In the previous version each node had an unlimited number of exit points to other pictures.