A true 3D picture (film is just lots of pictures dont forget) is created using a stereo-camera, that is two identical cameras mounted an exact distance away from each other, each recording a slightly different angle.
The images are then split into two colour bands, I think currently red and cyan are the bands of choice, but I know blue and green used to be popular, and overlaid into each other. The user then wears a pair of filtering glasses, which filter out one image for one eye and one image for the other (the split in the image should be equidistant to the users eye seperation and is a function of their distance from the screen and the size of the screen, this is where it becomes a very imprecise science).
The brain, when given two sligtly different viewpoints and colour seperations, inteprets image depth, which is what gives the 3D effect.
My guess would be, many cheap 3D DVD releases will in fact be a non stereo source film from which two images are interpolated and coloured accordingly.
On a standard TV, with simple filtering glasses and a pseudo-stero source video, the effect will be... minimal at best (except for those few people who happen to have exactly the right eye seperation / distance from their tv / size of TV, for whom it might be ok).
With proper stereo equipment and a good full stereo recorded source (or proper stereo rendering) the effect can actuall be very compelling!