Following the Yeasayer's brilliant site, I started looking for info about how the visuals were shot and yes, it's basically just a simple 360 camera.
We've all seen Google Maps' Street View and all kinds of 360 panorama pictures, but now it's all gone video, and the same people, Immersive Media, are behind it too.
Think about the possibilities of this technology! I mean, when you think about it, it's completely future! The future of television: 360 sports shows, travel programs like Madventures shot like this, reality shows, concert videos, video games, it changes everything.
It's could be the future of film too, this combined with the 3D glasses and these Wii-style motion controls, and maybe even bit of interaction, it could make things huge, a full on serious body experience action. It could send us straight back to the 90s, to the age of interactive movie and virtual glasses, but in a good way.
Immersive Media has a lot of these demonstrations of what it can do, and here's just some of them. Just grab on the video and start moving your view around.