Recently, MR(Mixed Reality) is becoming popular instead with AR and VR.
There is another term for Immersive Experience, which is converge the AR, VR and MR.
From my personal opinion, on display side for virtual reality is getting close to enough level that gives satisfied experience for Sight. But the other senses such as Taste, Smell and Touch is still need time to develop.
My company, Fresnel Factory Inc. has tooling and producing a Fresnel lens array for touch technology.
In a Japanese animation “Sword Art online” mentioned what is the difference between Virtual world and Real. It said the difference is “amount of data for experience for human 5 senses.” I am very agree this comment.