We have proposed the IllusionHole system, which allows three or more people to simultaneously observe stereoscopic images from dynamically changing individual viewpoints. With a simple configuration, this system provides intelligible 3D stereoscopic images free of flicker and distortion. Based on the IllusionHole concept, we have built a prototype system using two liquid crystal projectors and polarizing filters. This paper describes the details of this prototype. We investigate how the image formation position of the stereographic image is affected by sources of errors such as measurements of the user's interpupillary distance and observing position. We also measure and discuss the variation of brightness and hue with viewing direction.