Why do people brand VR's wow factor as a "novelty" and "wearing-off" if everything in life wears off? If you enjoy it or prefer it more, that's enough. It doesn't have to stay the same as the first time for 100 years. For me, the wow factor is every time I put on the headset, 6 years later. Not 100% the same as day 1 of course, but seeing a flat-screen game I'm bored in an hour with the visuals, even if some AAA studio worked on it for 5 years. Our brains are already conditioned to what to expect day 1 with flatscreen because we've already seen youtube videos of it, demos etc. There's very little surprise if it all with flatscreen anymore. That happened back in the magazine days.
Graphics are definitely important, not saying they're not, but better visuals along with immersion and actual depth perception is superior to slightly better visuals you will get used to in a few minutes anyway. My take.