If you want to know what developments are or aren't going to find their way into future VR, track down Michael Abrash's talks from Oculus Connect and other conferences. Realistically much of it is over a 5-10 year timescale, but a lot of research has been done in the last 5 years. Many things that seemed like good ideas in 2012 turned out to be dead ends, and some surprisingly simple things have been discovered (like a "virtual nose" reduces VR-sickness, which nobody anticipated).
The tech behind VR has been available for quite some time, the fact that it's still so limited (and has shown so little growth beyond the existing headsets) doesn't encourage "full surround with high resolutions in 5 years" mentalities.
It's a very different environment than when VR was build upon the desktop PC component supply chain, which brought things like the automated bank machine and interactive kiosks.
It also comes at a fraction of the cost. Four headsets plus a cluster of SGI workstations to run them would probably set you back a million dollars. Today, you're looking at about $10,000. 100x improvement in cost. Hell, quantity has a quality all its own.
So, without even considering graphics (or ubiquitous and wireless internet access), we're looking at modern VR being at east 500x better than the tech from 20 years ago. I don't know any comparisons to make that are 500x improvements outside of tech. I don't think we can really learn anything meaningful from the VR wave of the 90s. What we have today is just a completely different situation.
VR display tech has piggybacked off phone tech, and phones are not actively looking for even higher pixel density. This means specialized research & design into display tech; something I don't see or even hear about being done.
The "2 million mirrors" in the Avegant Glyph is roughly equivalent to 1080p; about the same resolution as the Occulus and Vive. The tech is also an adaptation of the same DLP technology that's been in use in TVs and projectors for decades.
This is a printed light field - https://www.youtube.com/watch?v=6AVAzGQMxEg
This is a light field plenoptic projector - https://www.youtube.com/watch?v=blb0TUBoZwA
Exponentials are never easy but I think we're about to see huge strides in VR/AR over the next 5 years, which will be built upon the only recently established global smartphone component supply chain. There were no commodity retina OLED screens even 10 years ago.
I know there are plans for high FOV headsets. Both cheap and expensive, so wait and see. VR tech is too early for me to invest more than a cardboard.
Fortunately, that problem is pretty close to being solved on a consumer level. A foveated rendering addon module for the Vive is expected to be shipping soon in China, by Q3 in North America [0].
For anyone unfamiliar with the term, foveated rendering means only rendering high-resolution images in your field of view. Basically, you don't see full detail across your entire field of view - only at the point where your eyes are focused. Everything outside that point can be rendered in lower resolution and you'd never notice the difference. It requires high-speed eye tracking to pull off, but it can greatly reduce the required horsepower to render a convincing VR environment [1].
[0] - https://uploadvr.com/7invensun-eye-tracker-for-vive/ [1] - https://www.youtube.com/watch?v=lNX0wCdD2LA