I think the thing that is new is that it's becoming accessible to the masses. PCs and Smartphones were certainly only for the "rich" to begin with but it quickly moved downmarket.

This PSVR news is moving that downmarket accessibility faster for VR than happened in the PC market at a minimum.

Your other points are spot on though, which is why I (and basically everyone else) thinks that the VR market has a cap, whereas the AR market really doesn't - at least until neural interfaces come along.