I believe VR has a long way become a valid replacement for reallity. Eventually it will, if it finally takes off and become a mainstream tech like internet.
However, right now, that many people is experimenting punctually is a momentaneous state of mind which has been called "presence" which basically happens when our subconcient is totally tricked and believes VR is real. Nobody have been able to describe it acuratelly though, but it is not that we call vulgar "immersion", but something much deeper. It is an intermitent thing usually lasting few seconds, and nobody knows how exactly it is triggered, possibly by a mix of things: low latency, interaction, image, sound, even smells...
The day they make a VR environment where this "presence" is continous VR is going to become dangerous...
Not only if it is continuous. Reminds me a bit of a book by Baidelaire about why he was against using mind-altering drugs for imagination. If your mind is 'tricked', this will potentially not just be a blink on your screen so to speak. Most people don't occupy themselves much with issues of consciousness, so VR tricking you even momentarily WILL have serious side-effects for (imo) the large majority of users. A bit (not entirely, of course) analogous to drug use which causes hallucinations one can think are 'real'. They may not be real external enviornments, but they are something themselves, and not many are good at falling inside rabbit holes
