Sheep view is a cool idea that is sure to be entertaining. It is probably going to be a fad, but it will definately be popular, if only for a few weeks or months. Sheep view may not last long, but it is defiantly an interesting and entertaining idea that will catch on.
But a sheep mounted camera is just the kind of thing that is poised to become another great time waster. It's novel, and since the Faroe Islands aren't google mapped, why not sheep mapped? People are often fascinated by other countries and cultures and this is a different way to glimpse Nordic culture.
When looking up Sheep View 360 it looks like the island in question was locally mapped because they were tired of waiting for Google to do it. While this may be a useful solution for local islanders, there is no reason for everyone else to take up similar views when google maps exists.
Sheep View 360 is fun enough for what it is, but it will rise and fall like all internet fads. There is nothing of substance to sustain it as a long term popular event. Unless they can get actual sheep to hold signs or something, once you've gone around once, the wonder will fade.