Very interesting idea.
My first thought is that a LOT of money would need to be invested to get this functional. Then seems like it would be "non-standard" tech that would have to be supported. I may have read wrong, but it almost sounds like you'd be running 5 monitors. Left, center, and right. And then the little projection thingie between left and center, and then another between center and right. That probably gonna to need buy in from graphics card people as well as software people. I certainly think it's doable, I'm just not positive it would be worth it or that you'd get the buy-in from the community that you'd need to support it.
Finally, there
is a non-bezel solution already out there... kinda. I don't think they are producing them yet for mainstream use, but
Seamless Display does have a virtually zero seem on "three monitors" with 4800x1200 resolution.
Here's a youtube of it in action:
http://www.youtube.com/watch?v=ZWivZEtH6-c
If they ever do start selling them I'm sure the price won't be cheap, but the tech does exist for near-zero seem without having to invent anything new and without need to alter how the computer software, gpu, and monitors interact.