It's been a while since I revisited this mostly because I've been busy as hell during the Holidays. Frankly I don't have quite the expertise on this yet that I thought I would by now, but I'll share my experiences so far.
The HTC Vive tracking is phenomenal, and VR itself it amazing. Seriously, VR can be THE medium of the future, the only thing holding it back is reliable, quality content.
First I'll address my initial concerns.
In my opinion, it's important to keep price per amount of content regardless of medium. That means if the price is $30 and you only get 2-3 hours of content, it's not worth it the vast majority of the time. While there are a lot of games for VR like this, there are also a lot that are either cheaper or offer more content, just read some reviews before buying. Frankly, some of the best experiences are free games like The Lab and Rec Room and there are a ton of other great free or very cheap VR content out there.
As far as locomotion, I have no problem with track locomotion and highly prefer it over teleport. Teleport isn't horrible, it's passable, and if you get sick with other forms it's good to have. However, I personally will think twice before buying any game that doesn't offer trackpad locomotion unless you're not to be meant to move around much.
Top Free games/experiences I've found so far: Accounting, Allumette, Bigscreen, Google Earth VR, The Lab, NVIDIA Funhouse, Quanero, Rec Room, Trials of Tatooine
I've bought about $120 worth of games and have about 40 VR games now. I haven't played at least half of them yet. Thanks Steam sales! However, of the ones I have bought and tried, I'll say some very quick thoughts on them so far.
Audioshield: Fun pick up and play rhythm game. Nephew and niece loved it. You punch balls to the beat of any song you want (youtube/playlist). Very active game and can double as Aerobics. Major con is that the algorithm creating the balls is pretty bad, often doesn't go along with the beat at all and you can feel like you're punching balls while a song is running rather than punching the song itself.
Holodance: Fixes the problem Audioshield has because by limiting it's versatility to only songs it comes with and Osu! integration (Osu! Is a different game, look it up. Unless you have it, ignore this feature). The beats and pattern are on point and it really feels like you're moving to the song, however it only has one genre of music meaning you'll either love it or pass on it for that fact. Ultimatelt if you don't like the music, go Audioshield. If you do, this is probably better. Or get both.
Project Cars vs Asetto Corsa: Both are very good FULL racing games that put you in the drivers seat of your car. Neither are very arcadey or easy, but Project Cars is a bit less realistic but easier to play/get into. Asetto Corsa is much more for the realism/simulation fans. Depending on which scratches your itch, you can't go wrong with either. I chose Project Cars because I didn't need the full-blown realism of Asetto Corsa but it still provides a challenge and feels like a racing sim instead of an arcade racer.
Vertigo: Fantastic single player experience I've only scratched the surface of. It's only 5 hours long approximately, but it's also only $15. Decent story, immersive environments, and varying gameplay so far. Also polished. This combination is pretty damn rare to find in most titles.
Raw Data: Got this on a pricing error on Amazon as the current SALE price tag of $31 was too much for me otherwise. Wave shooter but a pretty damn good one from what I have experienced so far. You can choose between multiple characters which have different weapons/abilities that you can even level up but it still boils down to being a wave shooter at heart. Coop multiplayer, different missions, and varying unique and sometimes scary enemies keep it fresh. Probably at least 10 hours of replay value here. I still feel the price is a bit steep, but it's very polished and if you enjoy rail shooters or don't have a good one this is a great one to get.
Elite Dangerous: Beautiful FULL Space sim that's very complicated. This is not for the casual gamer, but if you want something akin to Eve Online in VR, this is your ticket. Probably the most content out of any other VR ready game, but also the steepest learning curve. If you're smart enough, patient enough, and willing to grind a little then this is a must buy. If you're looking for quick fun experiences only then stay away.
Eleven Table Tennis: Very Realistic Ping Pong on sale for $5. AI is brutal, people suck just as much as you do however. Great graphics and physics. If you want a ping pong table in your room for $5, get it.
Hoops VR: Got this for $3, and everyone I invited over enjoyed playing it. Not a lot of content, but fun basketball minigames and definitely worth $3.
Zombie Training Simulator: Got it free with my Vive. Pretty fun little game but gets boring quick and not worth anywhere near $20. Don't get it unless it came free or heavily on sale.
I'll consider more updates as I get more time to try out more of my games. Hope this very brief preview was informational for anyone.