Jake of the Web

This is fantastic. Much like Google has done with still images for Street View, the folks at Yellowbird have done with video.
Talk about capturing the time and place of an event - this device will capture 360° video that you can scroll through upon playback. That's a lot of information: you could watch the same video 10 times and not see the same things you had seen before, depending on what direction you were looking at what time in the video.
This sample video is not interesting on its own merits, I will admit. It's filming a crowd at some outdoor concert, and most of the people you see are just looking at the camera trying to figure out what it is. Given the right setup (I'm thinking a 'net' of these on fixed points throughout an open area) and with sufficient indifference from the subjects, it would be absolutely amazing. More than just 'people watching', it would immerse you in the video more completely than I would have thought possible up to this point. It could be a powerful teaching tool. Locations, environments, situations, could be experienced in a much more natural and complete way.
Yellowbird has many things in common with the still-image Gigapan concept, each with its own set of strengths and weaknesses.
I am excited to see where this technology could go.