The State of Virtual Reality

I have not been keeping up. It's seemed like an expensive novelty, imo. But as everyone insists it's the next big thing, and I don't know where to begin with research, and there could be more to discuss than just a compilation of articles or whathaveyou, this topic was conceived.

What is the current state of VR? Products and costs, equipment, games, accessibility, availability, maturity as a technology? What do people expect in the near future? What seems plausible, unlikely, desirable, pointless, etc?
What thinkst thou?

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