I think now's the right time to try again.
Visor:
Similar to Oculus Rift except better looking.
Screen resolution would be 1080p high, but wide enough to wrap around the entire range of vision.
Peripheral vision could be handled by lower resolution screens though
Have biometric sensors to measure pulse, eye movement, and sweat; so that the the game can adjust accordingly (backing off if you get too stressed, or popping up an enemy when it would most scare the crap out of you)
Stereo speakers
has front cameras that are used to track the power gloves (and also allows the game to be overlaid over the real world)
Power gloves:
Has the precision of the wiimote plus, plus a really good force feedback
Is expandable to support different size hands
Can be tracked by the visor to assist in hand-eye-coordination
It'd be cool if it had some sort of feedback system so it could feel like you were actually holding something
Pedals:
Some sort of foot system that allows you to use your feet for movement. I don't know how this would work. Maybe have a couple foot stands with balance board tech?
Console:
Probably as powerful as the Wii U, but with the ability to output to the visor's resolution.
Ideally it should be completely wireless, but then in order to avoid the bulky weights of batteries it would need a form of wireless power transmission.
Maybe make the console into a stand for the visor, gloves, and pedals so that everything can be stored together.
Pack in game:
R.O.B.s adventure. A series of minigames where you perform tasks (organizing cargo, defeating enemies) as a robot.
Thoughts?