Yeah... it's not doable the way we think... the problem is with X and xinerama... xinerama is not compatible with compiz... AT ALL. so basically the only way we can have 3D effects on more than 2 displays is if there is a card with more than two heads on one die (one GPU) the only cards I know of that do that are nvidia NVS garbage...
there is another alternative though...
some one over at nvidia forums got a Matrox Tripple Head 2 Go to span three screens with 3D effects and GREAT 3d rendering... he even got Xplane and UT2004 working BEAUTIFULLY on tri-displays! And of course there is a config for up to SIX displays... though I think that may be somewhat hard on any video card it is configured for... though fun to experiment with!
As far as I can tell it should be EASY to configure for an ATI card but you will want a rather beefy SINGLE GPU controller though... and crossfire's out.