Is it? It seems to me that pretty much nothing has changed in this space in a decade.
Ten years ago we had cool tech demos but were waiting for a killer app.
Today we have cool tech demos plus Half Life Alyx but are still waiting for a killer app.
I know what the killer app is (I've written paragraphs explaining it on the MR forums in the past). I think Facebook and Apple also know what the killer app is.
I put my money on Apple delivering it. Apple has a history of delivering on hardware. Everyone trusts Apple. Apple's biggest weakness is they generally suck at making web services, but iMessage works pretty okay, so I think they'll be able to overcome that weakness and deliver on this.
Facebook is the opposite of Apple here. They have a track record of nothing but flops in hardware. Although I mostly trust Facebook, whether I as an individual trust them or not doesn't matter much - most people don't trust Facebook. The strongest thing Facebook has going for them is how great they are at delivering software, and specifically web services. I don't know that Facebook can overcome their issues of trust and chronically mediocre hardware. Maybe I should invest a little in Facebook just so I can ride the wave if they do deliver on this...