I imagine much of the same will happen. People will live their lives like always, and sometimes escape to a fantasy world, just now using a different new technology. Also like now, some will be addicts. We've had many new entertainment technologies come and go, each one thought to be more engaging than the last, but the fundamental behaviors of human beings seem to be the same.
I think the mind makes it real, even when it's words on a page or dots on a tiny screen. So I honestly don't think it's going to make a lot of difference.
The first time I saw a 3D movie it was incredibly immersive. But after a few, the brain reconfigures its expectations, and the same inputs are interpreted as "just a movie".
If people can get this addicted and consumed to World of Warcraft or Facebook games, imagine what will happen when that's literally at eye-level.