Immersive video on the iP*d – more than just interesting?

Just saw this on the Neiman Journalism Lab blog…

A collaboration between Condition One and The Guardian it’s a slightly more interactive approach to video where you have an element of control over where the camera is looking.

Is it more than just interesting? It would make some intriguing digital stories where the viewer is more actively selecting what elements of the story to view.  

Is it a flavour of AR where the “reality” can be displayed independent of location (picture it with points of interest embedded into the video)? 

Could this be what Google Streetview looks like in a few years’ time?