Anyone know how to make the Atmos/360 encoder

I would imagine it's like a manikin microphone where capsules are mounted in the ears. I have done that before and it does sound pretty natural when you play it back thru headphones. I'm sure we could emulate it with filters and time delays but there might be an easier way. If anyone has any suggestion that would be nice, I think it would be a pretty cool project. I heard a cheaply done demo of it once where they panned something in a circle around your head and tried to add reverb on the back side but I've never heard a good recording. I saw the options to choose it as a format on a music tv channel but don't have it setup yet. Although I think it's just a set of ordinary headphones and the encoded Atmos 360 might be a plugin. Do you think we could do it, make a plugin that is?