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Couldn't the whole family enter the same VR environment? Why limit it to just yourself?

Then you'd be free to chat over the top of the boring bits...

I agree that replicating the full social context of TV will be difficult

Because they could just share a screen in real reality?

Indeed. Much less hassle, much less expense, many fewer tradeoffs, and much more social.

Iff they're in the same place.

Try that with relatives living in three different places across the country.