I suppose there isn't a current thread for this, of course, a person with decent search-fu *might* be able to find a thread specifically talking about VE/VR (I prefer to call it VE, but I suppose it sounds a bit pretentious)
I think that the subject fascinate me, personally because I'm overall interested in anything related to simulation (incuding games, but these days those cheap empire simulation games annoy me), and virtual environment hold a special place in my heart, and when I was a kid I might think that I would probably never live long enough to see it come to fruition, but now it is obvious that the thing already existed, and will keep getting better.
One of the things that many people seem to be concerned about, including me, are haptic systems, AKA virtual tactile. While people are concerned about the ethical problems with virtual pain, I think it will inevitably be made sooner or later anyways, probably by the military, and it would be a no-brainer then to just use them. I'm one of those people who wonder what it would feel like if you feel pain whenever you get hurt roguelikes.
I think sooner or later we will need to rely on nerve linking to make tactile simulation work properly, this might mean that we won't be able to use them in this generation, or it might just mean that we only had to be pretty wealthy.
And while I await for the real thing, I am adventuring in the virtual environment using the old technology we call Lucid Dreaming, but I can understand the taboo with it, what with being incredibly difficult to do properly and all.