I'm with you on your second statement, not on the first.
VR will be clearly more than just movies. And AR is far from just for smartphones. Granted HoloLens isn't ready and might not be that great, but it has so much more potential than just smartphone gimmicks. A good set of AR can completely replace my work setup, I wouldn't have the need for monitors anymore. I'm excited by that idea, a new way to interact with the world.