The applications are enormous, just today I watched a 360 surgery, I can't imagine what else they could do
indie, nascar, rally mount a camera like this by necessity and there you go, first person 360 racecar.
send one up to the space station and mount it on someone's head for one of the more terrifying thing ever filmed.
make it small enough and every person who does a stunt would wear it in their head/helmet for fp view... possibly resulting in first person injuries too.
then you have applications for porn, this is something i like, take the director's decision for what gets filmed out and just give us a raw camera that we decided what we want to watch.
at some point, there will be a kinect like setup that's high enough quality at a low enough cost that you can get a full 3d model of a person, map what the camera sees to the 3d models at given angles, with a few cameras here and there offering detail shots for things the mounted cameras arent picking up.
there is an escape room i heard about where you wear a mask, and its filled with actors, imagine a setup that allowed you to in full 3d move around like this, while taking 4-8k video and projecting it on a 3d model in front of you.
the possibilities for 3d vr video are endless, all it will take is someone creative to really get it done
granted, the best application right now would easily be roller coasters.
i have also been looking into making a remote control car with a camera mounted inside the driver side of the car with a hmd for first person driving in real life, possibly one of the cooler applications i have for it, and a less legal one being mount it to a fc plane and fly with it.