Reminds me of the awesome Philips TVs that never made it to market in the US. Such a great idea. I'm skeptical this is something that can be done cheaply or well at this point, but the Philips TVs worked quite nicely. Inspired me to use a ton of LEDs to backlight my TV, but unfortunately it's not dynamic (although if I had a PC hooked up to my TV I could hobble together something to make it dynamic somewhat easily, it would just be a hassle.)
I only mean the earlier footage shown, though, that's just colors. Once it becomes something more than abstract colors it starts looking stupid. When the whole wall is the screen it looks flat-out dumb. But when it's just colors extending off the screen, occasionally with some yellow explosions, it's pretty sweet.