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The SXSW Gaming Expo is preposterously loud. At one side of the room, a Starcraft tournament is reaching its climax, but on the other side, one group of guys is yelling louder. They sound like a basement full of adolescents discussing the newest Electronic Gaming Monthly cover story, or like the NINTENDO SIXTY-FOUR kid unwrapping his Christmas present.

“Is the Oculus Rift, a virtual reality 3D headset, the future of gaming?” they ask. “Or, is it something bigger — the future of life on planet Earth?”

At a panel entitled “Virtual Reality: The Holy Grail of Gaming,” Gears of War designer Cliff Bleszinski joined Wing Commander creator Chris Roberts, Words with Friends co-creator Paul Bettner, and Oculus founder Palmer Luckey...

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