I have seen some images, it is an über-fisheye, of very little practical use. One shot taken with this lens I remember is an image of the inside of St Paul's cathedral (London) shot straight up. You can see the floor all around, photographer must have hidden under the tripod.
IMAX cameras use this lens for wide shots, I think.
Distotion, no, it is just different from the normal projections we see in photographs. We also use the cylinder projection swing lens panorama cameras use, no distortion, just different*.
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*) I recommend a basic course in descriptive geometry for all photographers...
That's quite the picture. I want to see one of a chess board. Looking down at one.
When I was around 10, I wanted to make a camera that could keep on zooming out. And I pictured a lens that looked just like this. I wanted it to go so far that it could see the back of the camera though.