The Oculus is amazing and would be really neat coupled with Pinball Arcade. The sense of being there is much greater than any other tech. Even just watching a 360-degree video of a place really makes it feel like being there, so a virtual arcade and pinball experience could be amazing.
I have a couple of issues with the Oculus and similar technology like Sony's Morpheus headset for PS4 that will prevent me from buying one, at least now.
-Motion sickness. Supposedly this will be alleviated by higher refresh rates in the newer version of the Oculus, but I felt slightly nauseous for several hours after my most recent session.
-Resolution. The new version of the Oculus is 1080p (as is the Morpheus), but since the user is looking into the image rather than taking in the entire screen, 4K is probably the required sweet spot.
-Graphics fidelity. Essentially powering two separate displays (albeit on one screen) takes a lot of juice. This isn't a huge problem with PCs, but the Morpheus will not produce anywhere near PS4-level graphics.