While good games are obviously already there, I'm more curious about work. Would an infinite desktop with an appropriate interface beat the reliable old 2x24" screen setup I have? I think it could.
A big thing with it as well I think will be focus, I'd love to be able to entirely shut out the world while working on something for 90 minutes or so.
This is one where I think it'll get to be good enough outside of niche gaming and just take off - my prediction is it'll take about 6 more years (i.e. 3 more release cycles) before the hardware is past the post.
Interactive virtual worlds are wondrous but not actually terrible practical for traditional tasks. Something that is perfect though is training for roles involving a lot of awareness and physical interaction in rare and extreme environments e.g. emergency workers, police, soldiers etc.
Products like the Quest are crossing the threshold to where it's affordable, completely self-contained and high quality enough to provide a great true VR experience. They need to about halve the cost while maintaining quality and if they can do that then there is no reason why this shouldn't explode into the market place.
Good games are most definitely not there. The consensus is that Alyx is really the only worthwhile VR title. Just about everything else is gimmicky and trite. VR still has a long way to go.
However, some do admit current VR is heavily carried by the novelty of using your hands (much like the Wii's motion controls made many average games enjoyable while it was fresh).