There are a trio of (simulated) viewing sizes: 117 inches, 163 inches and 226 inches. The translated post says that the default 163-inch size will encompass your entire field of view, while the gargantuan one will require you to move your head from side to side if you want to see everything at once. So, kind of like sitting in the front row of a movie theater. At the other end of the spectrum, the smallest size reorients the screen to your head movement. If you get tired while wearing the PSVR you can apparently lay down while wearing it and the display will match your horizontal perspective.
As UploadVR points out, however, there is a caveat to all this that might keep you from using the headset for any sort of critical movie viewing. That'd be the "screen-door effect" -- seeing the gaps between a display's pixels -- inherent with current VR tech. However, if there isn't a free TV in the house, this could sub in as a pinch-hitter display.
There's no word of an actual movie theater setting like what's available for movie watching apps on other VR platforms, but hopefully one of those will happen too. And if that doesn't happen and you're looking for a more immersive experience, well, hey, you can always use the helmet to check out 360-degree photos and videos.