In the last go-round of VR, the killer app was supposed to be the Multiverse (as in "Snow Crash"). Now that Second Life is available but slowly sinking, that doesn't seem as compelling. The problem with Second Life doesn't seem to be graphics resolution, lag, or anything technical; it just isn't worth the trouble. There's an Oculus Rift client mod for Second Life, not that anybody cares. (The Second Life people should do a WebGL client; more people might try it.)
Interestingly, in the first round of VR, back in the 1980s, it was "gloves and goggles", so you could actually do something while in there. This time, the gloves seem to have disappeared. The stock controller is the XBox game controller, although there's an optional wrist-tracking controller. Full finger tracking, no.