It's not just the social angle — projections in VR and AR aren't tangible, whereas physical objects imbued with dynamism are tangible. Here's a really good article on why this matters so much: http://worrydream.com/ABriefRantOnTheFutureOfInteractionDesi...
Now, once we have a holodeck, where the virtual objects are made tangible, your points will hold. But until then, tangibility is a key difference (and perhaps not the only key difference, but this should suffice for now).
Now, once we have a holodeck, where the virtual objects are made tangible, your points will hold. But until then, tangibility is a key difference (and perhaps not the only key difference, but this should suffice for now).