Lode wrote in his last post (amongst others) about the fact that the hype of Virtual Reality is over. This doesn’t have to be negative in my opinion. Maybe having a fresh (and more realistic?) view on virtual reality and its possible uses can help.
As a comparison, look at the original promise of artificial intelligence (also called strong AI), versus the current, more realistic view (weak AI). Just as weak AI revived AI’s fortunes, Yvonne Rogers believes that Ubicomp research that enables people to become smart and proactive instead of focusing on a smart environment as in the original vision by Weiser can help bring success to the field.
Speaking of ubiquitous computing, I think that research in ubiquitous computing and more natural forms of interaction can benefit in some part from the previous work in Virtual Reality. Virtual Reality provided a way to interact with a three-dimensional world instead of using the traditional keyboard and mouse (albeit a virtual world), while one of the goals of ubiquitous computing is to interact in a natural way with the real world (which is of course three-dimensional).
Lode also referred to the Reality-Virtuality (RV) Continuum, which I hadn’t heard of yet. It will certainly be interesting to have a look at. I think it all depends on how you define things. Mark Weiser for example referred to ubiquitous computing as the opposite of Virtual Reality, namely embodied virtuality.