You (Surf Monkey) seem to have adopted a binary absolutism to your arguments here - it's can't replace real experiences, full stop. I'm not sure if even the most ambitious marketing executive at Apple has, or will, even attempt to suggest that it can provide an experience that is indistinguishable from the original, but what it can do is potentially provide a good approximation of an experience that the great majority of us cannot ever hope to experience in real life anyway.
Some of the examples mentioned here - touring the Titanic or the Space Station - would be experiences that none of us will ever get close to, so why would something that could potentially give some sort of immersive representation of those experiences not be a good thing? Taylor Swift concerts are expensive and hard to get tickets for, so why would a virtual participation in one via a headset not be at least better for her fans than sitting at home glumly watching clips that people upload to YouTube?
And what you lose from the slightly detached sense of being an outsider and the lack of social interaction, you will gain back in other ways through the potential the tec should give you to enhance your session. I'm imagining that you could position yourself on stage alongside Taylor Swift and walk around as she belts out her deeply mediocre canon.
I'm fascinated to see what they do with sports coverage, specifically football. The idea that I could watch coverage of games (which I almost exclusively do via television already) but position myself on the pitch and see the action from the closest of close-up positions is a fascinating one. I mean it might prove to be a gimmick in the longer run, but it should at least offer an experience beyond traditional television watching.