Human hearing positions sounds in 3D space using two audio sensors. If you capture the audio at source in the same way as our ears do, you can capture a 3D soundscape.
http://en.wikipedia.org/wiki/File:BinauralPaper.ogg
This 3D audio can be calculated by a game's audio engine to provide very immersive audio without needing surround sound audio gear, meaning it's as cheap for a player to use as a pair of headphones. You could get highly representative audio in a battlefield, for example, with the player able to hear exactly where the shots are coming from, and a suppressor working correctly instead of just muffling the audio. In something like COD, that could be quite phenominal as a standard feature, and as cheap as a decent DSP.