It's quite cool. Like people say, the video resolution isn't that high. The bitrate is limited because of the internet, and it's spread over all directions. The camera FOV shown is quite large- again because if you zoomed in it would be blurry.
To make this work well you need very big video, high resolution video files. Then you could see it in high res, whilst also being able to zoom in a bit more.
Pretty soon i reckon they'll be using very high fov movie cameras, and then getting the view they want later in postproduction using this kind of thing.