>I'm betting that when given a cleaner, more enjoyable alternative to the mandatory commercials, overpriced fatty junk food, and general awfulness that the current moviegoing experience has degraded into, we can steal a fair amount of business.

This is a very important and overlooked part of their machine. The cinema distribution model. If I remember correctly Hollywood charge an astronomical amounts to theater for showing their movies, I think it eats almost 100% of the ticket price. Cinemas then make their profit by selling overpriced popcorn and sugary water.

A new start-up could also focus on an alternative distribution model aimed at smaller theater with more reasonable license prices. This way theaters could focus in the movie experience instead of selling crap to noisy people.