In terms of gaming, once it's understood how to be done right, this will be a huge part of the future of gaming.
But it's being way overthought, with games being developed that have no substance etc. It's not being thought out right. Keep it simple! For example, the Morpheus seems to be eliminating the use of the PS controller and being developed with the move. Why??
The way I see it being a success is as if you can sit as you do playing a game with a controller in your hands but instead of playing the game on a tv, you have the headset on and headphones. For the latest GTA V first person it would be perfect. Imagine being in San Andreas and having full 360 viewing and sound. Looking left and right to see if it's ok to drive your car across a junction. Looking up to the sky and seeing the sunshine. Or having a full view of a claustrophobic view of a narrow corridor in resident evil. A scary game taken to even more scary heights because you are in the game! I swear it would scare people shitless!
It will be a long time, if ever that it does become mainstream, but it has slow potential. Anyone who hasn't tried it, it's very hard to realise what it actually feels like. But take 2 of your 5 senses and completely disorientate them, and you will then realise how immersive it is. It does fuck you up. You will feel all over the place after. But there's a new gaming experience to be had, and I dont mind that. I sure as shit ain't playing a horror game on it because I actually would die.