Parallax Effect on iPad 3 vs. iPad 5

Does anyone think Apple has something up its sleeve fort he iPad 5 or the iPhone 5S with regard to the Parallax effect? It is such a cool concept, but I must admit it looks pretty poor on the iPad 3. (Disclaimer: I know this is only beta 4, it could improve).

As of beta 4, when I use the standard Apple Galaxy wallpaper, and rotate the home screen left and right, the wallpaper does warp and bend, but in a stuttery, jerky kind of way. If I use my imagination, I get the Parallax effect. It is a cool trick, but no where near as smooth as in the promotional videos.

if I close one eye, and move my iPad 3 around, this helps A LOT. I. Have no clue why, but with one eye closed it is much more realistic looking. I see much greater depth.

Does this type of effect require the newest hardware to really work? Because on the iPad 3 it is just a gimmick. I see the potential, it is such a cool looking effect, but it kind of fails on the iPad 3. Any thoughts?