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Equirectangular Projection

Someone over on Reddit posted this gif which showcase an interesting point in alternative projection. The gif below shows comparison from 90 up to 220 FOV with the different approaches, the upper one being traditional.

http://i.minus.com/izHG7M9E62sL2.gif

This could do a lot for Virtual Reality most likely.
How does the current FOV work in UE4?