As a person that has it.. it is not under whelming.
The key data point is the "Time Travel" effect. When you go, "Oh, that was a fun 30 min", and you realize that you've spent 5 hours in Tilt Brush or some other game. Pretty much everybody in VR has had this happen, and hence why one of the ideas is placing a clock / alarm system in the underlying VR software.
Also, the acrophobia never gets old.
I'm still waiting for a good horror or war game and getting full on PTSD. Roomie is going to walk in on me in the Vive and see me on the floor screaming, "FOREST! I CAN'T FEEL MY LEGS!"
Underwhelming no.
Also, I think there is huge value for people who live in small apartments, and can't fit a huge TV, that VR will serve as their main gaming console through virtualized desktops and gaming spaces.