You should try InWorldz. It doesn't use a HMD yet (though there has been some work done on a true VR client), and the graphics quality and physics may or may not be as perfect as you want, but it fits what you are looking for exactly in the social aspects. There is no 'game' per se, other than whatever contests, roleplay etc. that users might choose. Some people do spend most of their waking hours socializing there, or running real businesses there, etc. All the content is created by users.
Now that's a cool idea! Not sure I'd want real people in it though, might end up a bit Second Life-ish. But if you could each get sharded into your own version of the world, that would be a cool experience.
I'm actually eagerly looking forward to what I guess would be called Fantasy Tourism.
VR apps that let you explore or even live in fully fleshed-out fictional locales. Of course it would probably just start off as Virtual Tourism, where you can remotely visit real-world cities and landmarks and interact with other visitors there, before adding beautiful, bizarre or surreal places that don't exist (or can't exist) out there.
I grew up and live in a fairly squalid corner of the world, and seeing pictures like [1] [2] [3] [4] fills me with a wistful longing. I'd totally spend most of my waking hours in these if I could.
[1]: http://i.imgur.com/F13RGuh.jpg (courtesy of 防人 on pixiv)
[2]: http://i.imgur.com/AKV5QkR.jpg (Raphael Lacoste from DeviantArt)
[3]: http://i.imgur.com/jlbAXdq.png (三登 on pixiv)
[4]: http://i.imgur.com/I6psL2j.jpg (by Ford Nostalgia)
No doubt popular brands will jump in sooner or later and start offering tickets to say Tatooine or the Shire.
They don't need to have any "gameplay" per se, but they should still have realistic physics (more than most proper games), be "staffed" by real people (running the in-world shops etc.) and of course offer lots of character/cosmetic customization features.
Whoever makes the first killer application of that idea will probably become THE social hangout for the kids of tomorrow to spend their time in, maybe killing Facebook and the like. That is, if Facebook doesn't come up with something like that themselves.