I remember the first VR fad in the 90s... it seemed like such a neat idea.
However, the graphics were horrible, frame rates sucked, head tracking was laggy, headsets were bulky, screens were blurry, FOV was too small, and people were still trying to figure out 3D movement control schemes.
I've felt that ever since around 2004 we've been ready to give VR another shot, now that we've fixed or have the technology to fix every single one of those problems. And it seems like a lot of different companies are going to be going head-to-head in an attempt to be the ones that bring VR back.
Obviously Oculus Rift has the biggest head-start, but there's some promise in the other ones too. The Infiniteye seems to have the FOV advantage. The CastAR seems like it could be an awesome thing of its own (although it's meant more for AR than VR, so it's not in direct competition). I know Sony has a head-mounted display and Valve are planning to bring one out as well.
In fact, I think this is what the true next generation of video games is going to be known for, rather than the consoles (though they will likely add support Oculus Rift or make their own headsets if VR turns out to be a thing)
If they can get the head-tracking and motion-tracking down without any noticeable lag, then the only real problem remaining is the issue of focus depth for stereo 3D. And that's something that basically CAN'T be resolved without actual real-time holographic technology, which is still probably a few decades away.