I'm a big fan of how the Vive is approaching VR. I think Budget Cuts is a great example of what's possible with VR if you're willing to take these problems head-on and treat them seriously rather than ignoring them and just slapping VR onto normal games.

I also think there are many games where room-scale tracking is entirely sufficient with no need for any artificial locomotion. Strategy/RTS games are a great example. Just walk around the map. When you need to move further than you can, just move the map itself. Easy. You could even make the map into a hologram, so that rather than walking on it you're walking in it, with it floating at waist height. Now you don't even need to bend over to interact with it.