VR is going to succeed
I have lot of trust that VR is going to succeed this time.
The new medium
During the time I've been using consumer version of Oculus Rift, I've completely realized it's a whole new form of medium.
In-game video footage of VR isn't comparable to experiencing VR. It's bit like looking at a TV video stream versus actually being there. The reason for this is that you aren't focusing to the same things.
It means a lot for VR gaming, because it is very dependent on how you focus. This makes transitioning from 3D to VR development as big change as what transitioning from 2D to 3D was.
Game developers and publisher not going to realize this are going to take lot larger risks than they believe they are taking.
It's useful for far much more than just games
There's very good reason they added a microphone into the Rift. Telepresence is actually very plausible use for VR. I've used the microphone once so far and enjoy it's there.
If you make a virtual model out of building, you can walk inside and get very good idea of how it looks outside.
If you study a CAD model in VR, you will get exact idea of the size of the shape before it is manufactured.
If you hear stuff in VR, you can locate it in the virtual world.
Once you're in VR, you can isolate lots of your surroundings with it. This has definite effects on your mood in the workplace.
These properties of affordable VR will make it wideplace in design, programming and engineering companies over the world. As a consumer device it'll go everywhere.
It revives gaming & entertainment
Modern AAA game development resembles dairy farming. The focus is on delivering consistent results that have worked and that audience will find comforting. VR doesn't support any of that. Those high-budget AAA cinematic experiences just won't bend into the experience. Personnel too specialized on elaborative cinematics will find it hard to do staging that would hold up in a virtual theatre.
The 3D-audience that is not interested in experiencing new things aren't going to buy VR devices that cost more than consoles. Therefore there will be a major audience that approves new ideas. And the new platform vitalizes the kind of people who want to try new things. They will flock to do stuff here. This means lots of new games in short time. Some are shovelware and dumb, but there will be also lots of unique and enjoyable games and toys that only work in VR.