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We've had VR long before we had hd resolutions and it worked fine. It's not going to be the same experience as Oculus rift obviously, but it would be a neat novelty for a few Wii Sports-esque games. Keep the visuals simple, keep the headset cheap, and it could work.

It's not going to rival the rift of course, but it could be a good success for Nintendo. Nintendo's made tons of money making things work with cheap or dated tech, so why not.