In general, I think that it's gimmicky. I think that there will be some games that work well with the idea. I think that the games that will work best will wind up in game center style environments. At home, I see VR as a niche gaming genre.
For the casual gamer (which is a huge chunk of the gaming market), I don't see much adoption at all.
For most gamers, I see total immersion as exhausting, and no matter how well done, the exhausting factor will result in gamers sitting in chairs behind monitors. Human laziness will win.
So this old fogey predicts that VR will result in a whole lot of hooey with a few genuine fun experiences. Like 3D TV, the advantages are oversold compared to the experience.