I am not sure why my video doesn't play in HD ? Maybe I have hit my limit of HD video uploads. It still gives you an idea of what this does. Here is a picture of the mirrored animated texture that gets wrapped onto a spinning sphere.
If you zoom out by scroll the camera z depth you can see the texture gets wrapped to a sphere like this. Although the sphere is zoomed up in the composition like an environment map with camera is inside the sphere.