I got to play with a VR headset today (HTC Vive I think it was). I have to say I was very surprised by how immersive and realistic it feels. It wasn't perfect, of course, but it worked really well. I was wondering why it hasn't caught on at all yet. And then I remembered it costs just shy of what getting all three current gen consoles would cost, and needs a bunch of space, and has a limited game selection.
I don't imagine VR gaming will eventually replace traditional gaming, but it'll very likely eventually become something alongside them. It could be great fun, once the costs drop.