VR is going to be similar to 3D movies in some ways, but different in others.
3D never really took off in the living room, but now it's huge in movie theaters. My view on that is the living room TV is too casual/communal of a place for people to all sit around with 3D glasses on... it's just not what people do in their living rooms. You have people over, you host a barbecue, you want to watch the big game, you're not going to be handing out specialized glasses for your guests. You're not going to wear 3D glasses to casually watch TV while doing your homework or surfing the Web on your tablet. It just doesn't fit with what people do.
However, at the movie theater you're not visiting with friends, cooking, surfing the Web, etc. You're just sitting and watching the movie. And you're doing so on a giant screen with a kickass sound system. And you're in the dark... and you don't have to worry about bringing your own special glasses. And frankly, the technology has improved so much that big-screen 3D movies look really damn good. So here, 3D tech has thrived..
VR is going to be similar. It's not going to thrive in the communal space of the home living room.
Where VR is going to thrive though is in people's game rooms/man caves/bedrooms, and it's going to be especially popular among PC gamers. VR headsets are going to become big parts of "gaming rig" setups, just like high-end video cards or multiple-monitor displays. Think about it... there's already a sizable segment of gamers who'll buy one or two extra monitors to augment their gaming experiences. Give it one or two more years, and no monitor setup will be able to compare with the immersion of VR headsets -- especially once more games are designed with VR in mind.
I'm not sold on console VR headsets having the same impact, because most consoles are found in the communal living room -- and see above for why that's problematic. But in corners of the house where people can don their VR headsets and disappear into virtual worlds? Yeah, this is going to be big.