Videoconferencing and telepresence is big business. I expect those applications will lead the way, with the technology being adapted for entertainment purposes soon after.
You could interact with people in the virtual environment, build or design something together, brainstorm in new ways (For example, imagine architects designing a building while walking in it in realtime), and take notes digitally. Once you can do everything in the virtual "world", you don't need your hands/eyes free for other things.
(and I'm sure there will be a pop-up HUD interface in which you can do other things if you really want to be distracted like browsing HN during a meeting :).