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It would be cool if you tube 360 is supported but I don't think it will be that good as a movie viewer. The resolution is rather low for today's movies. You can't simply smear a movie out over 100 degrees fov to use the full 960x1080 per eye. With the warping effect you might be able to use 480x540 to display regular 3D movies, less than dvd quality.

I do think watching F1 racing will be a lot more exciting with 360 degree cameras on board. Although playing it in VR will be even better.