It's really not that hard to implement that sort of technology. Tricking your body into movement isn't hard, nor is putting a screen in front of your face -something many here claim to be VR, putting a mask on isn't hard, however, sound tech needs working on and so does screen resolution. Other things as well. But believing we're 300 years away from it is a very very huge underestimation.

Yes to both.

VR is certainly not a fad. It will evolve and transform into its own medium in the same way film and video games are now. Interactive films and movies are already being explored by Indie studios (the 'Heavy Rain' genre just got a lot bigger).

AR will have its uses but I don't see it so strongly for gaming except as a mobile wearable a few years down the line when its reached social acceptance.

AR is good for other beside gaming but casual implementation for gaming

VR is very good for hardcore gaming experience and also can be implemented for other thing beside gaming but still below AR on functionality

Only once it's fully stabilized and optimized.

Don't want to deal with a Sword Art Online incident. Y'all can have fun with that.

Not really interested in it myself. It doesn`t seem very comforting to use, and doesn`t seem ground breaking. It seems mostly of wearing a device and being able to look in all directions by just turning your head. A controller is still needed to move around, and it still seems to essentially be playing the game, but the screen brought much closer to you. I don`t think it adds much to be honest and seems more of a struggle to use than a joy.

When you`re fully able to enter virtual reality without a need of a controller, that is when I think VR will be big.