I'm really surprised at how much skepticism there is here towards VR. I have a feeling a large majority of the commenters here have simply never tried the latest offerings and/or are not up-to-date on where the field is.
The consumer versions of the Oculus Rift and the HTC Vive are both very good. In particular, Oculus has very much already taken the Apple approach to VR. The final Rift has a high-end, premium design, including a lot of quality-of-life enhancements that feel like they came straight from Steve Jobs, like an obsession with making the cable as thin and lightweight as possible.
Oculus is pushing hard for a completely vertically integrated product. They're designing the software and the hardware specifically for each other and aren't very interested in supporting anything outside their ecosystem. They're having developers produce titles specifically for the Rift to maximize the quality of the user's experience.
Even the box they're shipping the Rift in is premium: http://3dprint.com/wp-content/uploads/2016/01/box1.jpg
The Touch motion controllers, expected to ship later this year, are similarly premium, and they don't just track their own locations in space but also offer basic finger and gesture recognition. They also have a small, lightweight design, enabling fine interactions with virtual objects.
Frankly, I can't think of what Apple could bring to this space even if they tried. Oculus has already done all the classic things that Apple does, and Apple is extremely inexperienced with game development.
With regard to the HTC Vive, I would argue that it's a little less polished and premium than the Rift, but it's also the first mover for fully tracked motion controllers, so I regard it as one of the most innovative products of the last five years. It's highly unlikely Apple is going to find a way to be more innovative, and even then by the time they enter the market the Vive and Rift will have moved on and both will be equally premium by that point.
IMHO, Apple has absolutely no chance in VR outside of smartphones, because Oculus has already played all of Apple's traditional tricks and Apple has no experience with games. Mobile VR is an area where they might excel, though the screens in the current iPhones are not nearly good enough to compete with the S7 and Gear VR, so at the very least they'd need to design future iPhone screens with VR in mind. This would mean both increasing the resolution and trying to maximize the pixel fill ratio.
Then there's the problem of positionally and wirelessly tracking the smartphone user's location in 3D space, a problem that Oculus and Google are already tackling. Google has Project Tango and Oculus has John Carmack working on this problem. Once they achieve this goal, Apple will be even further behind with even smartphone VR.
