I am skeptical in the short term because the hardware is still struggling to keep up with the demands (at a reasonable price point). Maintaining 90-120 FPS with any sort of detail is much more difficult than 30 FPS.
I am a proponent in the long term because there is definitely some sort of value. The feeling of "presence" just can't be matched by anything else (short of directly manipulating our sensory input).
I think people are still struggling to figure out where exactly the value is now though. In the long term I can see it being a huge social tool (to the point where people might regularly meet their significant other in a virtual environment, if the rendering is accurate enough). There is also likely benefit in creative tools (I have found modeling in VR to be much easier and more natural).
Interestingly, from the people I have shown VR to, it is the less technical people (non-programmers, etc) that walk away with their minds blown. Perhaps we are still not marketing VR strongly enough, because most people I know still have not tried a real device.
IMO VR will be different from mobile though. The evolution of apps for phones was explosive, but we are trying to game evolution by throwing huge amounts of funding at VR, perhaps prematurely. This is not to say any advancements at this point aren't worth the time, I am just not so sure there will be a large payoff in the short term. (And of course, this is just my opinion, feel free to disagree).