I think one issue with vr "cinema" is that it lacks the fixed perspective of movies. The way we create emotions now is largely based on forcing the audience to see things through a certain lens at a certain angle and edited at a certain rhythm. This isn't impossible with vr, but I think you loose some of the advantages of the medium if you don't allow people to look around etc, so I'm not sure of the emersion of vr being conducive to a fixed perspective.
I'm excited to see where these technologies go, but I think they have to be treated as a medium separate from conventional cinema. A new visual language will have to be developed in order to take advantage of its advantages.
I'm hopeful that the old and new forms will be able to coexist, though. Art becomes interesting when placed at the edges of new technology, but traditional cinema has advantages that VR will probably never be able to replicate (and vice versa).