I said that was when I would go back to VR. Of course I know we don't have the consumer hardware to run it today. But we will in 10 years.
Either way...
580 gtx gflops: 1581
1080 gtx gflops: 8228
7 years. 420% increase in float calc perf.
Moreover, from the rendering point of view, foveated rendering is a fairly complex thing to integrate into a 3D engine too. It is definitelly not "free".
Foveated rendering is certainly no panacea.
8k x 8k per eye at 120Hz is 64x more pixels at 1/3rd increase in frequency ~= 85x more processing power. Making the (maybe faulty) assumption of doubling processing power every 2 years and that current setup is processor limited, this sort of processing power is ~13 years away.
Same computation but with 4k x 4k per eye predicts ~9 years of progress needed.