I think VR will drive the limits of GPU technology for a long time yet to come. Certainly more than 5 more years and almost certainly more than 10. A minimal VR experience of 1280 x 1024 at 90 fps (and only 90 deg fov) (minimum - since vsync must be on and frame drops are not acceptable - the framerate must remain silky smooth to maintain presence) per eye is just barely possible right now with very carefully built games using the highest end descrete GPUs (and ideally with 2 of those GPUs, one per eye) and a lot of short cuts. To reach retinal quality in VR you need to achieve a resolution of about 8k x 8k per eye and ideally at a framerate closer to 120 fps (minimum again with vsync enabled) with the fov reaching 180 to 270 deg. That's about 2 orders of magnitude more GPU power just for the extra resolution. Then there is the enormous amount of extra processing need to make "higher quality" pixels, not just more of them, such as full real-time global illumination, cinematic quality rendering and realistic special effects, full 3d geometry (normal maps, and most other graphical shortcuts fail to work well with VR, you need actual 3d geometry everywhere), etc. On top of all the graphical improvements, there is the necessary improvements in physical and character simulation which will take everything you can throw at it for a long time to come.
As a comparison between a real-time game and a typical CGI film "Cars 2" required 12,500 concurrent CPU cores running to render the film at 11.5 hours per frame. We have a long, long way to go to get to photo-real CGI quality at 8k x 8k at 120 fps per eye.