I think it has a lot of potential in certain home/small business level niches.
I'm into simulation games (car, air, submarine, whatever), which is a prime example of something where VR could really add to the experience.
I also see a lot of potential in data visualization. There are big companies already doing this with expensive gear, but I think this will trickle down to the small business scale. Being able to surround yourself with a visual representation of data is very powerful for certain kind of analysis.
The question is whether there is enough to keep it going after the hype dies, and that I'm not so sure about.