I do not think that this will be able to replace the conventional movies.

I hope not. Nothing compares to the happiness of watching a really good movie, losing yourself in a story instead of playing with your remote making choices...
On the other hand, there are movies I'm still traumatized by. I was thinking of one of my favorites Point Break (the original, obviously). I would so like to change the story a bit and have Bodhi live... I'd like to make Patrick Swayze live... but we don't have a magic remote for that.