Though the Oculus Rift won't be able to let you live in a virtual world, it will have a game you can play about being a man reliving his life in a virtual world. That's Loading Human's concept: you are an obscure novelist dying of Alzheimer's disease. You've been placed in a virtual world to essentially reboot yourself. The Rift will stick you in his memories, and the game will enable you to interact with the world, using external controllers to move your hands.
I like the idea. Developers Untold Games are looking to make more of the Rift than just a floating head: the trailer has the player using the Sixense STEM and Razer Hydra to track his hand's positions in the world, which enables some complex object manipulation: tugging a record out of a sleeve is a neat way to prove the concept. That said, surely using two bespoke controllers can only limit the potential userbase?
The first 30 seconds are essentially worthless, and the VO and script has all the passion of the speaking clock, but the concept is nice.
Adam will be seeing this next month. I hope he doesn't have so much fun dialing phones and putting keys in locks that he subsumes into the program.