Implementing a processed signal to imitate a big sound field as you point out is not new. It has been done on low FI stuff for a long time. Actually the iPad does an amazing job of creating a big sound stage.
‘But a new high fidelity piece of equipment has to do it by great fidelity. Fooling sound with the signal always creates fundamental sonic problems.
One piece of effective tech that created nearly a 360 degree sound field is Q Sound. But this is processing done in the recording. Roger Waters, Banco de Gaja and a few others have used it. In Amused To Death you can hear a dog bark behind you… among other amazing tricks. This technology allows you to keep fidelity. In some of the Banco da Gaia… Maya (I think)… the strongly low frequency music moves out from the the sound stage all the way to one’s side. Amazing really.
You can google Q Sound Recordings to get a list of albums using it.