This video demonstrates both the strengths and main weakness of binaural recording. Obviously the ability to convey sounds from 360 degrees around is the main strength, and that kind of works for me in this recording (I heard more behind me than in front). Distance is conveyed better than with traditional stereo as well. I particularly enjoyed the way sounds faded convincingly as the guy walked past them.
Unfortunately, the main weakness of binaural is that a recording will only sound "correct" to somebody whose head is very close in size and shape to that of the person/dummy/whatever. My head doesn't seem to match this recording very well. Most notably, the guy's footsteps sound like they're coming from directly behind me rather than from "me", if that last part makes any sense. It was actually uncomfortable to listen to because it sounded like there was somebody perpetually two inches off my rear. I kept wanting to move (in real life) to get away from my incessant tracker, and when the impulse went unheeded I started feeling claustrophobic. This will certainly vary from person to person, and others certainly might not hear it like this.
I still think this video is pretty cool. I remember searching YouTube for binaural stuff back in 2010 when I got my first nice set of headphones. It's nice to know there's more to choose from now than there was back then.