I helped found the VR lab at SAIC many years ago. We did 3D sound (via head related transfer functions), full on motion platforms, haptic feedback (e.g., a race car goes off the track a little, and you feel the chatter in the steering wheel), and SGI Reality Engine 3D graphics.

The problem? It was cost. We had a tentative agreement to put VR racing pods in a Las Vegas hotel, but after the prototypes where developed (and they were great fun!), we did better cost analysis and cancelled the project because the "ride" would have been way too expensive for end users. The custom motion platform was especially expensive, but added so much to the experience.

Later at a different company, I was lead programmer for a VR demo system for Disney. The demo was great, but when they deployed to production in Disney World they had to cut corners on the motion platform, etc.

edit: my point is that there is a lot more to VR than just 3D graphics - if you want to achieve what is called "suspension of disbelief."