I played with a really nicely Oculus set up the other day, it was totally amazing and immersive. In particular this was a racing sim, and when I was headed toward a wall I got the feeling like in a real car when you're about to hit something. It was very cool.
Unfortunately, I lost my lunch after 5 minutes or so and had to lay in a dark room for a couple hours to get over a bout of nausea. Excited for the future though if they can solve that problem for people like me (I also get seasick easily).