I think that, if VR turns to be popular, we'll see graphics taking a step back, especially on consoles.
After all VR is not about graphical fidelity (although that helps) it's more about immersion.
They tried with 3D TVs and although I enjoy the odd 3D Bluray movie, everyone will agree that 3D movies and games haven't really set the world on fire.
VR's best hope is to be slightly less niche than it already is.