I am shocked! Shocked I say, that a company who's major VC investor sits on the board of Facebook was bought by Facebook.
Will this kill VR? Probably not. Is this going to usher in VR sooner? Maybe. Is this the wave of the future for social media? Probably not. Most people have no idea what the Oculus is nor do they care. The average person thinks you're a dork for wearing VR but will enjoy it for its novelty for a while. I say all this as someone who backed the Kickstarter and has a DK1.
VR is inherently anti-social and oriented for consumption of media. Most people want to hang out with their friends face to face and not in a virtual land because humans are hardwired for social contact (for the most part). Plus Facebook has an inherent asynchronous aspect that makes it appealing. It's a broadcast that people can respond to overtime. But VR demands equipment and attention. I don't see people having this commitment to VR for this sort of activity.
I honestly don't think it's just the technology not being there that held back VR all these years. The tech to do this has probably been here for about 6 to 10 years if the will to do it had been as well. I think the future of this sort of thing is much more likely in the field of Augmented Reality. Things that enhance your day to day life and help you complete tasks or activities. VR has some appeal for gaming/entertainment, but I think the only serious task I see for it might be teleoperation of robotic systems. Most of the time you want to be able to engage the world around you, not shut it out completely.
One last point, if VR is going to take off like people hope, we need rendering systems that can do real time photo realistic rendering of realistic scenes with serious fidelity. We're getting close, but it's still going to be a while and even then the computing power required is going to be stout.