I was wondering if ipisoft can support new cameras with higher framerates or if the cameras on the website are the only ones supported. I realize the playstation eye is appealing because it is so cheap, but I recently purchased a Z Cam E2, and have access to a few more, which can network stream up to 4K120p over ethernet and I couldn't help but think that using 4-6 of them would allow for a much larger capture area with very good details. Maybe the amount of data produced by the cameras would increase the processing time too much to make it useful.

I get that the E2 is WAY more expensive compared to a playstation eye, but in the cinema camera world, the E2 is incredibly cheap and I know a few people who have 2 or 3 so I was curious if it would be possible.

iPi Recorder can do live recording with any DirectShow compatible cameras. I see that camera has USB 3.0 connection, but am not sure whether it exposes itself as a DirectShow streaming source.
Also, iPi Recorder can use video files from standalone cameras. And it looks as Z camera can produce MOV/MP4 files. However, the process is more complicated than with live recording.
http://docs.ipisoft.com/Quick_Start_Guide_for_Multiple_Action_Cameras_Configuration

You can just try the camera with iPi Recorder (it's free) to see whether they can work together with one of the above workflows.

You're right that very high resolution is not feasible because of slow processing. And in practice it only gives benefits for very far distances. There is usually no need for such big capture areas (> 10x10 m). However, you can benefit from higher FPS for very fast motions in case the camera provides lower resolution modes (like 1280x720).