Try messing with the color, focus, zoom, iris, phase etc. Poking objects into the loop is also fun. It is a fractal. The very definition of fractals includes the word 'feedback'. Researching fractals has lead me to the chaos theory, entropy, equilibrium, hurricanes, tornadoes, the great red spot on jupiter, and a very abstract way of understanding the universe.
Video feedback is a fruitful pastime which awakens interesting thoughts and reflections.
I would even say that this is just another way to reach a higher state of consciousness.