Well, I had my first Oculus experience.
Firstly, (upon taking it off) the peripheral view is more expansive and thus more pleasing than reality. - It;s a scary thing when a digital world visually feels more immersive than reality...
Secondly, its potential for using cinematic tricks in (horror/thriller/action) games is huge, - especially as the player is forced to participate (rather than cover your eyes - like at the movies).
Thirdly, I'm fairly sure this is direction it will actually go... :)