Tim Sweeney, the founder of Epic Games and the brain behind the Unreal Engine, has said that there are some insane things going on with VR right now, but a lot of them aren't being shown to the public.
Sweeney was interviewed recently, where he said that he expects VR hardware and headsets to double in quality every few years for the next decade. He added that it will reach a point in around 10 years from now, that it will be hard to tell the difference between the VR world, and the real-world that surrounds you right now.
Oculus VR is expected to launch its first consumer-ready version of the Oculus Rift sometime this year, which I'm sure we're going to hear more about at the Game Developers Conference (GDC) which kicks off in just a couple of weeks time.