I think the problem isn't so much that the tech isn't ready, it's simply that the software is immature. Everyone has been rushing hard to get this tech out the door, but software developers haven't really had time to produce much beyond "app-store" quality content which tends to lack lasting replay value. We all know it takes a lot of time to produce high quality software and there is still a lot of experimentation t…
Because the hardware is so niche, the software makers don't have an audience to justify a big investment.
What's more, content - even if it becomes the Mario of the VR - is not as important as the platform itself for control.
Companies and investors realize this and so they focus on platforms. And so we have a bunch of companies vying for a turn at the platform while no one wants to make content.