I'm not trying to be an ass, but do you have any hard evidence or citations for that claim?
I have been a skeptic of the technology as well, but just 2 weeks ago I tried a demo [1] that was _very_ convincing. In short, I wore ~$30USD headphones while a device with some positional sensors was moved around my head and music played. The only sound emitted was from the drivers in the headphones, but I do not exaggerate one bit when I say that my brain was tricked into believing the sound originated from the mystery box moving around my head.
Perhaps you have some scientific reason for why in theory (or fact) it doesn't 'work' in the physical sense, but my anecdotal evidence supports that there is a way to do a 'good enough' job where the brain is successfully tricked.
I admit to feeling there's still a bit of a snake-oil salesmen aspect to this technology, but the guys at Visisonics spun off their company from research at University of Maryland. They're not just another ragtag shop implementing your last decades' positional audio algorithms. They really seem to be pushing the space forward.