I love these Sony personal viewers and as a movie junkie, can't do without it -- I never use it for video games (which I suspect, may well be their target market), I use it only to watch movies, particularly those I often wished I'd seen in a grand motion picture palace. The size of the image (when wearing the viewer) is the same as if you were sitting front row centre, in the balcony of one of those massive theatres from the 50s and 60s.
Watching the smilebox versions of both "This Is Cinerama" and "How The West Was Won" was an awesome experience -- also I love watching old movies or newsreels with the viewer as it allows you to become an 'explorer' within the films themselves, as one can fast forward, slow advance, rewind and pause the images to see more than you could often imagine (something one could never do seeing these shows in a theatre)
I'll admit that these viewers may not be for everyone -- there are warning screens before the unit kicks in, at the three hour mark it tells you it's going to turn off and you must be on cue to let it or not -- at the six hour mark (usually after a triple feature for me) it tells you it will turn off -- and I usually obey. Also I only use it on weekends, as a treat to myself -- using it all the time may be somewhat tiresome and might just be too much of a good thing.
For movies in 4:3 Academy ratio, I usually adjust the hdmi connection from 1080p to 475i -- but still seeing them in that screen size (the same as around a 200ft screen) is quite a sight.
One can use the excellent earbud speakers, but you don't have to -- you can plug in your own headphones or simply use your home theatre speaker system as usual.
I've got "House of Wax" in the mail and look forward to a lot more great movies on both bluray and dvd, piping through this little headset in the near future.