I could imagine it working well with a 3rd person shooter and using 3d glasses.
About the helicopter and surround sound thing.....If the director of the film wanted us to see it, he would have filmed it from the start. The magic of hollywood could be lost. I also really dont want to turn around and see the camera an crew on my ipad.
This concept could work however with a 360 degree camera. Anyone remember the omnimax theatre at Caesars in Las Vegas?