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If I recall correctly, movies as far back as the 1960's had experimented with "smell-o-vision" technology. I'm not sure, but I think it was indeed called "Smell-O-Vision." At certain points of the movie, an appropriate scent was pumped into the theater, then a chemical agent was pumped in the air to counteract the scent (presumably for the next "aroma" scene).
Most theater attendees found the experience unpleasant, and many got nauseous from the experience. It seems people are much more affected by our sense of smell than we realize. Even an otherwise pleasant odor, such as flowery perfume, is utterly gag-worthy when concentrated! How would a videogame control the "dosage?" The possibility of illness could spur lawsuits and such.
I think I recall that one of the last "Spy Kids" movies had scratch & sniff cards for theater-goers. At appropriate times, you scratched the appropriate spot on the card. That might seem low-tech, but something like that might be safer and more cost-effective to include with a game!
As for "taste" games, most foodstuffs are generally perishable and must be properly transported and stored. This is probably not something a software distributor wants to deal with. I could absolutely see licensed foods, like WoW-approved potion drinks or such. "Eat your energy pill now!" the game will tell you as you pop open a pack of "Pac-Pellets." But designing a game from the ground up with specialized foods would probably require a merchandising deal, which means risk (if the game flops, I have a warehouse full of "Grimrock Snail Meat" I can't sell!).
Yes, it's all cool ideas, but in our litigious and profit-oriented society, these ideas are probably not seen as new frontiers for gaming so much as new avenues for financial loss.
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