A display system includes a source of unpolarized image light, and a stack of polarization-selective optical elements operable to switchably convert the unpolarized image light into two orthogonally polarized light beams, each of which being switchable in at least one beam characteristic. An output polarizer selects one of the two orthogonally polarized light beams for providing to a user. A depolarizer may be disposed between an electronic display emitting polarized light and the stack. The depolarizer may be in the form of an LC bilayer with randomized in-plane optic axis.