I don't think we'll have direct nerve stimulation for the masses in the next decade or two.
Just 'cause everyone's overly cautious and stuck in their inertial rest in such fields. And they still cling to such notions as "privacy". I'll see what progress I can make.
As far as a full immersion VR simulation room that allows interaction with holographic objects in a gamelike manner, and 5 senses feedback, 2021 by some huge corp in Asia.
It doesn't need to be quite that complex.
I've already seen a setup similar to a rodent ball that allows for simulated walking without actually going anywhere; a bit more refinement and that could work for all leg motion.
For sight, some goggles incorporating peripheral vision would work even better than holograms (for now, at least).
Touching sensations are a bit more difficult without direct nerve/brain stimulation, but a full-body suit that can apply pressure at various points could work. Gloves would have to be much more precise, but I think any desired surface could be modeled with a sufficiently precise simulation surface.
We already have surround sound. No issues there.
Smell and taste can wait for the tapping, or someone more clever than me making something.
So, I think it can be done with today's technology. Even if the ball doesn't exist yet I could design that myself, given access to the original. The suit will require more work, but there's no reason it couldn't be made. The hand would require the most work, but that's mostly comparison between stimulations and working on textures.
But nobody is doing this now because it would be super expensive to buy the setup and developing games would take a lot and so the games would cost a lot. Nobody who can wants to make the investment, so we wait. Until 2017, I predict.