I think what Palmer has done is organize a vote, where the verdict was, "Yeah, we want it now. Let us find our own killer apps." Whatever, we now have Carmack, Patron Saint of end-to-end Latency, and Samsung, kind of working together-ish in as concerted an effort as there's ever been to make VR work.
Oculus is bound to seem stone-aged even 15 years out, but it's a strong start.
From the article: one thing that stood out that I haven't thought much about is the potential to use VR to achieve altered states (other than the standard immersion and nausea).