I wish I could bring you guys over to my office here, sit you down and let you play with the Oculus for awhile… I've had probably 30 people see the demos and (try to) play Elite Dangerous, and every one of them were blown away. …and this tech is still in its infancy for the home user.
Couple things I've noticed after using it for HUNDREDS of hours:
1) The motion sickness thing goes away. Your brain gets slowly reprogrammed to 'deal' with the mixed signals. That said, there are ways to lessen the risk by those who make the media/games/movies, etc. For instance, the Chernobyl VR Project made me nauseous because your in-game movement wasn't natural, you couldn't look around in multi-axis (only left/right) and it allowed you to walk sideways for extended periods (BAD idea in VR). In contrast, Elite Dangerous has no plane of reference or horizon since space is 3-D. This should be horrible for motion sickness but it's not because you can move your head around completely, look up/down/behind, etc. That, plus the improved graphics/framerates is more than enough to 'trick' your brain into thinking you're doing what your eyes say you're doing.
Bottom line: Framerate is hugely important, followed by resolution and freedom of movement within the world. Then, it simply takes time for your brain to adjust. Not sure how much, but it's not just a few hours-- maybe a few weeks? It would be a neat research project if somebody wants to fund me…
2) The headset thing isn't as bad as you think it is. Again, if the created world is convincing enough, you immediately forget you're wearing a headset-- and the current stuff is huge/bulky considering what's coming in a few years. I'm not entirely convinced they'll be able to push dual 4k signals through WiFi anytime soon, so cordless will be a few more years off. My only issue is that I get a bit warm and have to have a fan blowing on me.
3) Gaming and educational things are just the tip of the iceberg. Right now, when you watch movies, you're watching a flat screen on the far wall. Imagine being in the scene watching a movie, walking around the actors as they play out their lines/actions. You can stand there, run with them, etc. You can tag along with Gandalf as you walk through the shire… Fly co-pilot in the Millenium Falcon… Find the body of the murder victim before Dana and Scully even walk in the room!
This tech is going to make watching movies on a TV a thing of the past, really quick. It's real, and it's coming soon to a living room near you.