The 360 videos are supported on the YouTube Android application and YouTube website open in Chrome . iPhone and iPad support is not available yet but it should avaialable in the future. The 360 viewing is a great thing, i mean you can experience a concert from the back in your house or you can see from the perspective os a race car driver.You can simply tilt your device to see new angles and in Pc's you can use your mouse to drag the video. You can check the video below to have a idea of 360 video watching
The quality is little bit low unless you not bump it to higher resolutions. Project Lead Anjali Wheeler also says 360-degree videos take up 4-5 times as much bandwidth as a traditional YouTube video.
Google is working with the no. of camera manufacturers including Bublcam, Kodak SP360, Ricoh Taheta, Giroptic's 360cam to easily capture and share your moments of life in a 360 degree story on YouTube.
The 360 video idea is not all that easy yet. There are not a lot of consmers grade camera available yet. Google has more deatils about the technical requirements on the Gitbhub as well as on it's YouTube creator Blog.