Taking on board the comment about tactile feedback, which seems pretty reasonable. Noting also the hype for 3D TV and (as far as I know) still virtually bugger all content and the latest TVs not even bothering.
What application would encourage me to buy a setup? Let us assume that I can get the whole setup including gloves for under £100. Accept that I am not a gamer and unlikely to be in the future.
I spend some time shopping on line for shiny and essentials. I would be interested in being able to pick up and handle objects instead of just looking at photos. I would also be interested in VR tours of houses for sale. There was a brief trend for virtual tours (that is, a video instead of still photographs) but I haven't seen any recently. I would love a VR version of Google Street View with intuitive controls. I could even see a VR version of, say, an OS map which translates contours into 3D rendering so you can match it to the real world around you; that would be really cool if you could use a camera and 3D goggles to synchronise the map with the real world to confirm your exact position.
All of this, of course, relies on content providers investing in the tools to build the VR environment. Unless these tools are very cheap then the content will not be there. Without the content the users won't buy the kit. Catch22 again.
There is a final proviso; the VR has to work without inducing nausea. This may rule it out for me anyway because I can't watch a 3D film without developing massive motion sickness as my eyes argue with my inner ear. Perhaps this is one reason 3D TV never really took off?