Those tricks are used commercially in the "Star Wars Experience" at Disneyland.[1][2] They use a custom-built real-world space which is much smaller than the virtual space the players think they're in.
This isn't going to work in your living room, unless you have a really big living room. But it could work in a classroom-sized room, or a storefront-sized room, or a back yard. You don't need a gymnasium-sized room.
To make this a mass market product, it needs to work without a custom space. The VR gear needs to be able to detect obstacles in the real world. It needs a depth camera. Not much range is needed, maybe 4m or so, enough to detect anything you could run into, trip over, or fall off. The second generation Kinect would probably work.
Real-world obstacles need to appear in the virtual world when necessary, even if it breaks the illusion. If there's something you could trip over in the back yard, that has to show up in the VR world. Worst case, the system dumps the VR world entirely and just gives the user an unmodified view of the real world. This isn't augmented reality, which is reality with a little VR added. It's VR with just enough real world added for safety.
The technology used for the Star Wars experience costs about $10,000 per player. That has to come way down without degrading the experience quality.
[1] https://disneyland.disney.go.com/attractions/downtown-disney... [2] http://www.businessinsider.com/star-wars-secrets-of-the-empi...