I went to an IMAX™®℠℗(U.S. Patent 3,494,524) theatre once. Having to recline and look up at the screen was annoying, and the size was gratuitous with most of it wasted to peripheral vision. That's definitely not something I'd want in my living room.
It's a horrible experience. You can buy a horribly cheap TV, a 5.1 sound system and plop it in your living room and get a better experience. Getting the sound right takes a long time, but my end conclusion was that suspending bunch of cardboard everywhere seemed to negate the poor acoustics of the room.