The goal of this paper is to study the effect of viewing directions in projection-based multi-viewer display systems. Such systems display different images to several users watching a common screen. While different separation techniques have been used in cinema, we are interested in applications which require a more demanding viewing angle and more independent views, such as multi-sided immersive environment. We compare the luminous efficiency, crosstalk and colorimetric properties of polarization and spectral multiplexing as a function of the viewing direction. We find that, whereas for spectral separation the crosstalk does not depend on the viewing angle, for polarization separation the crosstalk increases with the viewing angle due to depolarization induced by conventional screens.