I don't think that even AAA level models are good enough for VR. They have the "uncanny valley" effect -- they're close enough to looking good that they just creep you out and throw of that "presence" feel you're looking for. I think it's going to be a long time before you see human faces in VR.

So everybody, even the AAA guys, are going to be putting you into environments like cartoons, space and buildings rather than natural environments, and the people you interact with are going to be in vehicles or space suits or avatars or anything to avoid having to model a human face.

So, ironically, AAA budgets probably aren't going to be a hugely limiting factor, at least in the first wave of VR games, in my opinion.