Tried to use this, also found lag made it basically impossible, and felt uncomfortable being reminded that other people might be waiting for me to get on with it.
However, I was able to click on a folder, it opened and looked fairly convincing. Only indicator that something was off - other than lag - was the at the bottom of the file browser, it mentioned how much diskspace was available: the first digit was clearly 6, the second was flickering and blurring between different numbers.
Pretty interesting idea though. What framerates should it run at? I felt I was getting <5fps.
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