VR is great. The technique is pretty much flawless, or it has the capacity to provide flawless virtual reality experiences at least; as always it's a matter of what you do with it.
The big issue is what Werner Herzog pointed out when he said that this is the first time in history where the medium precedes the idea. At virtually every other point in human culture we've had ideas we wanted to express, and then we've built tools that help us portray them. VR came into being on its own. We have the tool at our disposal but no one has a clue how to really apply it to make something truly interesting, something that makes it more than just a gimmick applied on top of other mediums. VR games, VR movies, VR spaces... they all suffer from the same lack of clarity right now. There are no killer apps, because no one knows how to make one.
When you hear developers talk about how they'll solve storytelling and spacial orientation in VR spaces they say something vague about theatre and reference Orpheus, or they use Russian Ark as an example; a sleep-inducing two-hour documentary shot in a single take with a steady cam that feels like a tutorial, because all it does is follow an old fart through various rooms as he talks about art. I don't know how much of this Valve have managed to solve - to me they were never actually at the forefront of good storytelling except for maybe a brief moment in the late 90s - but I wouldn't splash on a VR headset either until more people start figuring out how to design good experiences for it.
