Folks need to temper their enthusiasm with an understanding that the size of current VR & AR headsets is about as small as they *can* be - you're not going to see a product from Apple that's anything like a set of wrap-around Oakleys, with a clear OLED layer to give you a heads-up display on the world.Forget the fact that it looks like a space helmet and has basically a laptop PC strapped to your head for a second (the apple version won't be like that, it will likely be just a wireless display for your iPad. the MS version won't be like that either, its still a developer device) - but some of the technology demos they have are awesome.
The only reason VR or AR work in a near-eye display, is because of the lens systems that correct for the display being well inside the minimum focus distance for human eyes. That stuff isn't easily miniaturisable - it's a physics problem, not an engineering problem.
The "space helmet" aspect of it isn't going away. Just like pencils can't be much smaller than a normal pencil, because of the limitations of human hands.