Working in VR, the state of the art is closer to Pong than to the Holodeck or the Matrix. That doesn't mean there aren't useful applications for the technology but we won't see anything that passes for reality in my lifetime, or perhaps ever.
> but we won't see anything that passes for reality in my lifetime, or perhaps ever maybe not that passes for reality, but VR already has a powerful "reality feeling" even with the crappy resolution we have now Get someone to load a VR game and try to walk off a cliff - they'll find it very difficult to do. Even someone that's played a lot of VR will have to override their instincts to not step off.
None of this is to say that VR can't be useful, valuable or entertaining (I still work in the field and believe in its potential) but we're nowhere near the Matrix and maybe that's not a bad thing.