The extended FOV concept is pretty cool I think. Bummer that it will probably be too expensive to be worth the bother though.
I kind of agree. The other simulated effects look sort of, erm, gimmicky.
However, If you were going to buy a device with a projector that is really only functional in a light-controlled room, Why not skip the TV and Illumiroom and put the money into a real 1080p projector and 120" (or whatever size you can accommodate) screen? You would loose the extended FOV, but is it really necessary if most of your usable peripheral vision is taken up by the main subject anyway?