It gives pretty decent results, providing you're not expecting the processed 3D images to equal a native 3D image. You can adjust the depth of the 3D processing - most people like it somewhere between 5-7, but it's personal taste.

As to the movie, anaglyph is different than active shutter 3D. Anaglyph can be used on most TVs, active shutter requires, at this time, 240Hz TVs.

I've never tried either with a video game.