I think of this as “what does the launch product look like compared to five years from now?”
The Quest (2019) compared to Quest 3 basically gives you speed bumps, a pass-through camera, but the overall experience of what you’re doing in there is very similar.
Valve didn’t even make a new headset because the experience is still good enough (and they probably don’t see much of a future in it, to be honest).
Microsoft gave up despite having one of the more viable commercial solutions.
This amazing AR experience that Apple is pretending to deliver is just an incremental improvement to VR. It compares well to going from the launch iPhone to the iPhone 5.
What this means is that the VR/AR product market is likely already close to its technological end point. This is as far as we can go: we can strap displays to our heads. We can pass through a camera feed. We can remove the external trackers (though not without introducing blind spots, which will never be a solved problem).
That’s about it. How do I know we are at the end already? Because look at the iPhone 10 compared to the 5, or look at the 15 compared to the 10. What is different about it? The screen is a little bigger? You can unlock it in a fancy way? It’s got a nicer camera and faster processor? It’s the same device that does all the same things. Every year the increments get smaller. VR has already gone through its fastest era of development. It all slows down from here.
It’s decent tech that can be fun or even productive but I just don’t think it’s for everyone, and for the people who it’s for it’s not really something you are going to want to use for 4+ hours a day like most smartphone and computer users. And we aren’t getting this tech in a pair of glasses or a projected hologram in front of our face or anything unobtrusive like that. It’s physically impossible within any foreseeable period of time.