That's what CCP did with the EVE-VR demo, and it makes sense in the context of a flight sim. It'll be interesting to see what developers come up with for FPSes.
http://community.eveonline.com/news/dev-blogs/eve-vr-an-expe...
http://community.eveonline.com/news/dev-blogs/eve-vr-an-expe...
Maybe gun models that give a visual indication of remaining ammo will become more popular.
Perhaps adding blur/color saturation filters to your entire field of view might take off as a primary indication of remaining health.
Otherwise, yes, watch, checking gun magazine or condition of a blade, or a PDA/map - gaming is going to take a monstrous step up.
Not to mention immersive story-telling as a new way of presenting films.