According to this ABC News broadcast from 1991. Virtual Reality (VR) was just right around the corner.
So what happened? It is 25 years later and we're still waiting for the first break through VR consumer device.
The big problem back then was the devices cost between $50,000 and $200,000. The expected price of the Oculus Rift will be $200-$400. That is a big difference and critical to the success of VR today.
In viewing the video below. The headsets do not look terribly different from today but certainly the graphics and resolution is far superior. I wonder what another 25 years will do?