I've been messing around with the Vive for a couple of days. Also got it for X-mas but made it an early present so we didn't have to mess around the inevitable set-up issues on X-mas day. Turned out to be a wise decision as we needed a new cable and the set-up took a while.
Anyway, it's amazing. Like, I had crazy high expectations for how cool it would be and they were exceeded in almost every way, amazing.
I was skeptical about teleportation but you get used to it quickly. Plus with the Vive room-scale VR you can do a fair bit of moving around in games by walking. That one thing to make really clear, if you want the most value out of the Vive have a big space set up to play in. I initially had it set up in a roughly 8x6 area but moved it to a 9x9 space and it made a huge difference. Playing in Minecraft the 9x9 space roughly works out to 3x3 blocks, so you can move around inside a small house really easily. So far I've found the combination of teleporting and walking to be really immersive and effective.
Most of my time so far has been in Minecraft and a RPG game called Vanishing Realms.
Minecraft is nuts. You still use buttons to interact with objects but your tools move in your hands as you move them. You can walk around objects in the game, and it feels like they are there and you are looking at them in 3D.
Vanishing Realms is pretty basic compared to a modern computer RPG, but I think part of that is because it takes a while to get oriented. Once you get your footing, so to speak, you are walking around interacting with the virtual world. You pick torches and as you move them around the lighting changes. You bend down to pick items up off the ground or reach up above your head. You have couple of backpacks virtually situated at your waist and you reach down to put things in or take them out of inventory. When you fight MOBs you swing your sword hand and your swing is exactly what it is, direction, arc, etc. So you can jab down at the head of your opponent over his shield or take big swings that knock them back. Using a bow you hold the bow in one hand and draw with the other, aiming just like you would a real bow. Since it's room scale you can position yourself behind objects for cover, move out to fire, and then quickly duck back behind the cover. There's no plot really, it's just explore and loot, but the mechanics are there so the eventually there will be an Elder Scrolls type world and immersive stories.
Google Earth is also mind-blowing.