So true! People looking at something and finding it "mindblowing" for short periods says almost nothing about whether a) there is actual value delivered, or b) there's a real business to be built there.
I can count at least 5 waves of 3D hype going back to the 1850s. Stereoscopic photos were all the rage for brief periods starting with the 1851 World's Fair in London [1], and we are all familiar with the 3D View Master, which was developed in 1939. There was the anaglyph 3D [2] wave in the 1950s, and as the marketing suggests, the main audience appeal was novelty. [3] Next came, as you say, the VR wave of the 1990s, including predictions of "affordable VR by 1994". [4] We next have this decade's rise and fall of 3D movies, with a related rise and fall of 3D TV.
So far, history suggests that this is just another wave of novelty. 3D pictures did not replace pictures. 3D movies and TV did not replace movies and TV. The evidence is equally strong that many otherwise smart people can combine "cool novelty effect" plus "OMG future" and to end up fooling themselves.
Sure, it could be different this time. But I suspect that 3D will end up, for at least the 6th time, as being about as appealing as Smell-o-Vision. [5] This is in strong contrast to color and sound, which started out being optional and became mandatory both for movies and computers. Wake me up, I say, when we get to showing movies in "Feel Around". [6]
[1] https://en.wikipedia.org/wiki/Stereoscope
[2] https://en.wikipedia.org/wiki/Anaglyph_3D
[3] https://en.wikipedia.org/wiki/House_of_Wax_%281953_film%29#/...
[4] http://i.imgur.com/j73ipNp.jpg which is from http://www.cgwmuseum.org/galleries/index.php?year=1992&pub=2...
[5] https://en.wikipedia.org/wiki/Smell-O-Vision
[6] https://www.youtube.com/watch?v=rjm_zmBoxjw#t=2m20s [7] and dang, when will we get some hypertext here?