An interesting potential for VR would be alternative portable form factors. The laptop form factor is mostly dictated by the shape and size of the screen; since with VR the screen is moved to the HMD, this would no longer be a restriction.
The webcam view is also interesting; if it were "inverted" so that, instead of being confined to a window, it was outside of all windows (that is, the background "wallpaper"), it would work even better as a laptop replacement (that is, the screen doesn't cover your whole view, allowing you to keep aware of your surroundings).
If could contribute an idea, I wonder if one can make the camera watch your surroundings but with people recognizer that would notify you if someone is approaching with the intent to interact with you, and maybe show a notification or an approaching avatar. It would be neat in an office scenario. The next step would be a screen in the real world telling your visitor whether you're busy or interruptible, and a button the visitor can push to "knock on your door".
So that's the future, maybe: cubicle dwellers get their own VR offices...
This seems like the job for another program that you run simultaneously, not the window manager. Unless there are problems with having multiple programs make use of the camera or something.
The webcam view is also interesting; if it were "inverted" so that, instead of being confined to a window, it was outside of all windows (that is, the background "wallpaper"), it would work even better as a laptop replacement (that is, the screen doesn't cover your whole view, allowing you to keep aware of your surroundings).