The video I saw of someone wearing an oculus rift while on one of those treadmills where you could walk around appeals to me. That is cool and immersive to me.
See, I'm much more skeptical of tech that simulates movement like the Virtuix Omni. Image: https://s3.amazonaws.com/ksr/projects/476061/photo-main.jpg?1370329539
I feel like getting simulated movement feeling right is further down the road, not to mention the consumer barrier of people actually wanting to clear space out in their homes to make room for a VR treadmill.
The part that doesn't appeal to me is just sitting in chair with this thing on my head just so I can look in different directions. It just seems like something that would get old very quick.
Everything I've read about the Rift (there are no hands on impressions of this Morpheus device yet) indicates the picture in the goggles encompasses nearly your entire view. Supposedly it's not like you're just looking at a screen off in the distance. I don't know how well it will work for FPS games where your character is on foot but I could see it being amazing for any experience where your character would be sitting down anyway, like piloting a jet, driving a car, etc.
The illumaroom thing Microsoft showed off a couple of years ago appeals to me much more and I think would to the general public even more.
I thought this was cool too but totally impractical for most people.