As if the oculus rift wasn't awesome enough...
I could totally see myself spending hours walking through beautiful MMO lands, wandering through the open plains and deep forests. Sadly, I do see some problems with it. For instance, you can't jump and advanced movements such as rolling or even strafing are impossible. The jumping wouldn't be that big of a problem, as games like Zelda don't feature player-initiated jumps to begin with - when you move to a ledge, you jump off automatically. However, the controller seems to be more troublesome. Holding a gun induces realism, but holding a sword seems a bit ridiculous. Furthermore, to get back to the Zelda example, switching weapons seems virtually impossible. Nevertheless, I'm curious how this will develop and whether a wii remote-esque controller would prevent immersion.
Relevant dorkly comic:
http://www.dorkly.com/comic/51443/out-of-controlP.S. Virtual reality - the only gaming where your physical condition matters. I would totally fail.