Virtual Reality will give players a more "immersive" experience although it is too early to say that, eventually games will be mostly based on VR's in the future. Costs will not be a problem since today's VR's are "experimental" and are still being tested ti'll the time is right. We can expect all of this some time in the future.
The technology is more sleek and costs less than this ipad I am currently typing on. Guess the word has not gone mainstream. Need to search Oculus Rift or Project Morpheus. Facebook's 2 billion dollar acquisition of Oculus is indication enough that some people are banking on its marketability to the mainstream.
Will it become another way to game? Yes... Will it be cost efficient and will it be as wide-spread as floor-consoles of today's generation? No. It will exist but I in no way ever see it taking over the way current games are played. The technology may evolve and get more sleek and pretty but for VR to go main-stream there will have to be a significant cut in pricing for R&D and retail.