This looks really cool. Setting samples and recovery to max actually looks pretty good, even masking lower framerates a little.
Couple little niggles: If recovery is set to zero then the blur never goes away. It's a cool trippy effect but might be worth clamping that to some sane minimum. While turning is fine, pitch seems herky-jerky somehow.
I could see variations on this being useful for various status effects like stunning or something. Are you planning on adding movement blur (I imagine this could be done with a zoom blur, with the "center" point adjusted by the player's velocity vector)?