It was a lot of fun at first. I don't use it at all anymore and am selling all my equipment. Not even the potential of upcoming VR titles is enough to tempt me to keep it.
None of my friends even ask to demo any of it. They lost interest faster than they did for Wii Sports years ago.
* Image quality is bad.
* Hardware requirements are still very high. I have a very high-end machine and VR titles like Raw Data still do not run very well.
* The locomotion problem is not being solved. It's been a year. I never adapted to it either.
* The headsets are not comfortable. Both of them are painful for me to wear after ~30 minutes.
* Rift+Touch tracking is bad and more or less completely broken for many users.
* The front-facing configuration championed by Oculus is not enough. You'll instantly want more.
* Clearing out space for room-scale is a big pain. I'm looking at new apartments and am facing up to the reality that the Vive is a huge constraint.
* It's very anti-social. Honestly my SO does not like it when I use a VR device because it completely shuts her out.
* The base equipment is still far too expensive for the quality of the experience.
* There's very little worthwhile content. People are still talking about Space Pirate Trainer. That's a little demo that has been available for a year, but it's still considered one of the main titles.
* I was most excited about Budget Cuts when I got the Vive. It was heavily hyped months before the Vive was even available for preorder. It's still not out with no announced release date either. That'll be an amazing title for sure, and I will regret not being able to play the finished version whenever it does finally come out.
I encourage everyone to try it. It's a ton of fun at first. But think hard about whether you'll stay interested after a few months and whether it's worth the effort of setting up, clearing out space, keeping your gaming machine up-to-date with the latest hardware, etc.