Holding the Camera and viewing from a variety of disembodied third person perspectives is very stimulating and unique. Now, as far as how stimulating you will find all of this depends largely on your intellectual openess and your level of priggishness. Beyond what has already been said, really, you've just got to try telepresence of any kind for yourself to really understand. Less obtrusive gear will allow for a more immersive experience and greater freedom of movement. Wireless would be nice too for complete freedom of movement.
Network enabling the technology is feasible.
This would obviously reduce the act to solo physical interaction. Masturbation with an interesting visual twist. Several simultaneous users would mix it up too. Dual-mode configuration where both partners are fitted with an HMD and miniature video camera is also an option. Each partner seeing the act from one anothers perspective.