This failing would be hugely significant compared to the kinect or what have you, though. You've got to think Sony will do whatever they can to make this a success.
I expect a slow start as studios toy with what they can and can't do with it (especially regarding the motion sickness issue), and then a big development push to drive sales again a while after launch hype has died down.
Most of the early games will be quite shallow 'experiences', without much game in there. Given the proper backing, some will do that thing so well it won't matter much (especially story-based stuff akin to a new breed of point & click adventure, or just a straight up cinematic narrative type deal that you witness play out rather than get stuck in with - living in the world will make a huge difference to how involved you feel/bored you get), but the most intriguing games will be those that go the other way and push the player to places well outside their comfort zone.
I've already mentioned in this thread a while ago the potential I see to take the perceived pitfalls of VR (motion sickness, disorientation, a sense of dissociation) and implement them into games to make them a much more visceral experience - those moments of woozy camerawork when a character is dying or drunk will actually become real sensations of discomfort. That's the kind of shit I'm most interested in with VR, games making you
feel new things; be that queasy, or terrifying, or full of wonder. Because it's so easy to not feel so involved when you're just viewing it all through a window from a safe distance, traditional games on a screen need to keep the player busy or else try to generate mad levels of atmosphere - apply that fantastic world-building talent to VR, and there's less busy gameplay stuff needed, because just exploring the environment can be sensorily overwhelming in itself. So-called 'walking simulators' could come into their own here, 'cause while many gamers probably still won't see what all the fuss is about, more will feel absorbed in the unfolding story in that world than they currently do just seeing it through their TV.
I can't wait for the first VR games that let you drive an open-top vehicle through the world, for example, looking around and behind you all with your head, or
Rocket League even, with you following the ball with your eyes while driving with a controller. A fully-fledged
GTA VR game is a long way off, you feel, but they could still create these cool little moments from the game in VR right now, police car chases and heists and that, just to whet our appetites.
Me, I'll be doing nutty shit like having a fan blowing on me when my character is supposed to be in the great outdoors, crap like that. The combination of a full visual field of view with surround sound, and then little tactile details like the sensation of a breeze on top... you could literally plop me in a world where you do nothing but wander around and explore, and as long as the environment was crafted well enough and the atmosphere palpable, that'd keep me occupied. It's essentially a teleportation device for me.