When I got my Oculus dev kit I was most excited about the potential for designing interactive experiences driven by unity / 3d graphics. Then I checked out a "wingsuit" video shot in 360 degrees and realized I had completely missed the potential of the platform: http://www.makingview.com/makingview.com/?page_id=1691 The resolution is mediocre but for a first-gen experience in VR I was literally floored. I showed thes…
These 360 rigs are cool, but they're not stereoscopic as far as I can tell. I'm not sure how feasible a 360 AND stereoscopic rig would be, but it would be totally awesome. Maybe some sort of head-sized sphere of fisheye cameras with some software to stitch the stereoscopic channels together. Or maybe something involving light field photography (Lytro etc).
There are many hits our brain uses to make the 3D model of the world we have on our minds. Stereoscopic vision is one of them, but really just kick in for objects nearer than you arm cam hold. For distant objects, our brain uses other hints - that's why people aiming at far objects close one of their eyes.
One of the strongest is the parallax effect, specially for medium distance and relative distance between objects. If you doubt it, look at this video: http://www.youtube.com/watch?v=Jd3-eiid-Uw
Relative size and color fading works well for big distances - this is the prominent effect in parachuting videos.
These are only two mecanisms, and immersion is not only about 3D sensation. Full periphery vision is of great value for this (IMAX, anyone?). Sound hints, brigthness, contrast, and a lot of other hints also help our brain making the 3D model.