I do think the main things holding back the killer app are software and data though, over hardware. I see a killer app for VR (or AR) being online shopping, specifically for things like clothing that you have to see 'in person' to choose. Imagine being able to buy clothes online, and see how they actually look on a life-size copy of yourself right in the same room. I can't imagine something like that not existing someday, and once it does, I expect I won't be the only one to buy the vast majority of my clothes online (like I already do with almost everything else).

I'm not sure that a home shopping network that requires a top-of-the-line GPU like the NVidia Titan will really be viable, at least until we've taken a few more jumps on Moore's Law that it seems are getting harder and harder to achieve.

It's much harder to have a killer app when the technology isn't universally appealing yet. When (if) you can get 8k high frame rate displays, gigabit+ internet connection and better graphics card at a price that will make enough people buy it, then it will make sense to produce good content. We are probably not there yet for some time though.