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Take a look at what they've done. The basic idea is that the video is "on rails", moving forward on its own, but at any point you can pause and move around the objects from the video. Then you can go back to the video and it interpolates back to the recorded track. I loved what they did, but it didn't help me understand quaternions ;(

Did you view the site? It’s the best way to describe it.

If you can rotate around it then it's not a video. :-)

Maybe I'm pedantic on this because I work with VR a lot where the terminology is a mess. (Are 360 videos "VR"? Then what do we call actual VR videos? etc etc.)

I recall Quicktime VR videos could be one of two types: you rotate around to see a 360 scene (inside of car), or you rotate an object to see 360 (outside of car). VR360 is the first kind, I haven't seen VR360 videos that let you rotate objects on YouTube. That would be pretty cool to see an 'actual VR' roomscale VR video, walk around while scrubbing it.

What are your thoughts on video games?

In what sense?