There are a lot of VR headsets in development at the moment, HTC, Sony, Oculus. This game may have a first person mode, but battling was never intended from that perspective. If you tried it you would have a chance to have a seizure with all the flashing lights. (Honestly don't try it unless you want to strain yourself.) Also the limitations of FPS and field of view would make it difficult.

As for roleplaying and just simply sightseeing, I see no problem with it. It would be quite enjoyable.