Well, assuming you don't mind shelling out about $8,000 for the 16 GoPro HERO4 cameras that will be needed, that is.
As seen in the shot above, each one of the 16 cameras in this round array are equipped with a device that helps make all of the individual cameras act as one. Since Google promises great battery-life with this unit, I'd assume that there is extra battery power in each of these, as well.
When the footage is finished being captured, it can be imported into specific software that will produce the usable result. What we could expect to see from this is high-quality 360° VR experiences, with an example of what's possible seen below, based on similar technology (you can use your arrow keys to look around the scene).
It's hard to say at this point just how popular this technology will prove to be. It could just be a fad, similar to how most people now feel about 3D, or it could prove to be something everyone wants. Whatever we think, Google is banking big on it, as it's planning to roll VR capabilities to YouTube in the very near future. Based on the example above, it's pretty exciting to think about what our future content can look like.