For me, so far it is amazing.
Last night I was at a friend's playing Panoptic. In this game, one player (without VR) controls a little masked person hiding amongst many other little masked people, trying to reach a special orb. The other player (in VR) controls a giant floating head with laser-eyes. They must protect the orb.
My friend's setup is a little strange, with the Vive play area between the couches and the TV. The game was an incredibly tense affair of masquerade. There were many hushed gasps and laughs, and leaning from side to side as the VR player crept past the TV peering about like a hunting raptor from Jurassic Park.
There were five of us, and whenever a new person put on the headset they would exclaim over how different the game looked when you were inside it. It felt like sitting inside a doll-house. I think the one massive hurdle for VR is how poorly it translates to video.
Tonight I'm hoping to jump into Rec Room's Quest. The game is up to four players pushing ever deeper into a goblin-filled dungeon, reminiscent of Gauntlet. When we last played (2-player) my friend took sword and shield, while I took a bow. He kept close to me and dropped to his knees for me to take shots over his shoulder. When you get killed in the game, the world turns grey and you can no longer move. You can be revived with a high-five, playground-style.
I've had it for a while now, and motion-sickness is not an issue. I feel it very badly in cars and buses, and at first I avoided using joystick locomotion whenever possible. Teleportation, or simply using my meat-legs got me through most games. Cockpit games felt fine from the start. These days I have no trouble using any kind of in-game movement. I don't know if I got used to VR, or if I just found the courage to try it.
Speaking of cockpit games. House of the Dying Sun is one of my favourite VR games. (In fact, I don't think you need VR to play it.) It has the style and feel of Homeworld (2) with small skirmish battles, in a short, exciting story of revenge. You can toggle between tactical RTS view and cockpit view on the fly. Both modes are great.
The tactical mode gives me the same feel as Panoptic. The ships glide around you like little hot-wheels cars. They feel substantial and real in a way that's difficult to describe. You can zoom in, the larger ships blowing-up to more than a meter in length. It's hard to focus on the game and not get distracted watching the destroyers shoot missiles. I had the same problem in Homeworld.
You can issue simple orders from the cockpit view, and play the whole game from either perspective. The cockpit controls offer a "drift" button. Holding this allows you to turn the ship without affecting the current speed and direction. This leads to dog-fights that emulate the best of the new Battlestar Galactica. For example, you're being chased through an asteroid field by an enemy fighter: you slam on the drift; spin the ship; unload your salvo of shotgun rounds, speeding backwards; spin back; release drift just in time to peel away from the asteroid ahead. It's mechanical and satisfying.