You simply attach the GoPano Micro to your iPhone 4, and the 360° lens on top will take simultaneous video of everything around you. While recording, you can pan around, by swiping, to view a particular angle, but you can pan at will throughout any subsequent recording.
The included GoPano app will allow you to post your 360° videos, share them with your friends, and view the videos of other users. It also includes some demo videos to showcase the utility of a 360° recording, i.e. live sports, special events.
GoPano posits that "360° video will become as important in broadcasting as sound was to silent movies or color television was to black & white". But in the meantime, you can capture every angle of your next journalistic or artistic endeavor.
GoPano has secured their US$20,000 in funding necessary to build the GoPano Micro, but you can reserve one of their first production models by contributing $50 on Kickstarter.com. Once they hit the retail market, GoPano plans to charge $80 per unit.
source: Kickstarter via Engadget