Johnny Lee creates a headtracking VR system with a TV and a Wii-mote
youtube.com
youtube.com
I wonder how widely used head tracking systems are for gaming? I saw one at my friends, who plays a lot of flight simulators on his PC, and I guess basically the technology was quite similar to the Wii remote - IR-leds and a camera.
Some people report motion sickness when using VR glasses; I think sharing the view would only make it worse for all but the guy in control.
Keep in mind the "magic" is in the software.