Frankly speaking, I'm not too enthusiastic with this latest hype. I don't like the idea of wearing a visor for entertainment for hours, seems tiring. For gaming, I don't see how turning around the camera is going to work for VR. Besides, being oblivious to your surroundings when I'm playing a game seems like a bad idea.
Well I am quite excited for this, ever since Virtual Boy was released (its horrible) I've always wondered how it would like be inside a video game, but that's a childhood dream. I think if this VR gimmick works, it could be jumping from games to home entertainment (like an interactive DVD) but wearing a headgear that large might not be too comfortable for playing a game for 5 hours, headaches and eye strain might be an extra feature off the package. I haven't tried it yet so it's unfair to declare that this VR gimmick won't work, but If I had the chance to try them, I definitely would. Just imagine playing Dead Space or Mirror's Edge on a VR headgear, that would be sweet.
I am looking forward to this for the purposes of casual game play. There will probably be entire VR suits involved, and there are already talks for the creation of 'simulation' rooms that sound like a low-tech Star Trek holodeck. The state of the technology right now isn't 'there' yet, but soon it could be.
If you're talking about the oculus rift then I've mostly heard good things about it. I think it could make games more fun. I'm curious and would want to try it.