Like Len, I have a commercial relationship with a competitor, so my comments should be taken with that in mind.
Regarding the Holophone system, it is a very cool looking setup and the price is not too steep. But the localization in the examples that I heard at the New York AES was extremely vague. The spaciousness (or spaciness) was considerable, and they were definitely bright and airy sounding, so it was fun to listen to the recordings; they just didn't have much realism or "you are there" feeling, in my opinion.
I think that a surround recording should have the virtues of a good stereo recording PLUS extra goodies; these recordings weren't good stereo to start with, so the space stuff seemed like, I dunno, applying inappropriate cosmetics to a farm animal of some kind.
--best regards