There are amazing VR games like HL:Alex and Resident Evil. Not as many as we'd all like but then are out there, and I do believe as porting becomes easier, we will see more AAA titles like this. And honestly playing these games in VR puts their flatscreen versions to shame, so I do think this will become more popular going forward.
For AR we are just at the beginning. I think AVP has proved the concept that you could use such a device for productivity, but I think mass adoption will take many more iterations. But I am sure that bothe AR and VR have long futures ahead of them.