My take on Multiscreen vs BIG screen:
It needs to be understood that the advantage of Triplescreen isn't about the size of the screen, but about the
Field Of View (FOV). It doesn't matter if you have a 32" TV or a 120" Projection, it is still on a *single* plane.
Whether you seat 5 feet from a 32" TV or 10 feet from a 120" screen, your physical (actual) FOV is still only around 45 degrees while the game (at default setting) displays around 75 FOV. This creates a compromise and hence the cars at the edge of the screen appears slightly stretched. Your eyes will adjust and compensate the differences, but it will be there.
On a single screen (regardless of size), it is mathematically impossible to get 180 degrees FOV unless you press your nose against the screen. This is the same reason why many screenshots of triplescreens appears "bent" because our camera can only capture a single plane. You really need to put the camera "inside" the triplescreen setup to properly capture the FOV. See example of my setup with 225 degrees FOV below (drag picture with your mouse):
http://photosynth.net/view.aspx?cid=d8b6125a-557e-41f8-b02a-cc212e08f643
If you use a really large single screen (e.g. 120" projection), it still doesn't solve the FOV problem, and IMO, everything is too large and out of proportion. The steering wheel is 4 feet wide and it feels to me like a tiny mouse driving a giant car.
With proper triplescreen, the cars do not appear stretched. Everything is aligned. There is no distortion. The proportions are correct. The software has to support it (FM2, FM3 and FM4 does).
In the PC would, you can buy a triplescreen video card and increase the screen resolution to super wide, but unless the software supports it (iRacing does), than the images will still appear stretched. *** It is not enough to have a super wide aspect ratio... you need to have the screens wrapped around your head to achieve proper 180+ degrees FOV.
Since I use round 75 degrees per screen (225 FOV total), kinect isn't necessary IMO. If you run at around 50 degrees per screen (150 FOV total), than kinect can still add some benefit to help see into the blindspots.