There are at least a few 360 degree feature films in the works for web distribution. I saw some clips from a rock climbing sequence that were pretty awesome. The system was much better than the one in the Haiti piece in terms of stitching and sun compensation. There was a shot with the camera dangling about 20 feet away from a big vertical cliff with a floor view that was kinda scary to look at.
The whole feel of a 360 drama is definitely kind of voyeuristic, there is a strong sense of participating in the scene which gives the narrative a whole different feel than a theater experience. But while it's great to be able to pan around at will, the viewer is still glued to particular location. As the Haiti clip suggests it would be really cool to roam around in the scene.