It's a start, but not quite a Holodeck experience just yet. It just seems to be a much better head mounted display. It's not exactly new, and not really virtual reality. I wonder if the true level of VR will ever come about as something that an average consumer could have. The University I studied at has an Immersive Virtual Environment but the amount of tracking devices that the room and the person using it had to be fitted with was a bit much for a normal person (similar set up to what motion actors use).
On topic, I can see it being fun for some games, but not every type of game is going to work too well, and some are just going to get it tacked on as some additional feature to move the view camera sometimes. It will be interesting to see what innovative ways that developers (especially Indie developers who are more likely to take risks) will use it in, though.
I just hope that games made for it/with it in mind keep a sense of practicality about things. I can just see the kinds of issues that you could have.