Forget spinning cubes with video stuck on their sides and instead check out the demo below. From Immersive Media, same the guys that brought you street view on Google Maps, comes an innovative new way to navigate 360 degrees inside a live playing video. How is it delivered? Flash of course.
Check out this demo. Once the main content starts to play you can click inside the video and drag your mouse into the direction you want to view. Make sure you check out the snowboarders at about 1 minute in - and follow them as they go over the kicker.
There are more demos here.

http://www.flashcomguru.com/index.cfm/2005/11/2/St...
Neat though.
I'm trying to imagine what the actual footage looks like when played back 'flat'.
they combine a sort of cubic virtual reality ( like this http://cubicvr.popforge.de/) with video streaming.
if you click on the how it works button, you see in the bottom left an example of the 11 video feeds combined in one big stream. So propably there are no multiple feeds or some fancy flash hacking.
still a cool app and idea!
http://imc.cachefly.net/FijiCoralReef/Fiji_origina...
papervision frame work has a very high CPU load when it comes to video rendering ( i notice that the fans of my laptop immediatly jumps on when having a papervision 3d video site ) so prop they made their own 3d model.
besides the technical coolness i cannot see a practical application besides some room presentations.
Checl it out: http://samples.flexcoders.nl/away3d/sample9/
http://www.cornflex.org/?p=1
he had built a flex app to play that immersive video.
jc
In Quicktime vr you make it by stitching files together similar to making those large panoramic photos in photo school. I wonder if it is not a single video stream not stitched though. Its pretty seamless so i suspect that the iris of the camera is able to let in light from 360%s. Google street view has a similar method but no video yet..