I'm not sure about that. My university managed to get two really cool virtual reality experiences, called the Reality Cube and Reality Theatre and I had the chance to test both out a while ago. The latter is a gigantic 3D screen that completely fills your vision and the other is a cube with projections on most sides, where you can walk around a bit. They programmed it so that with a little helmet on your head, the entire world moved with you when you walked and moved around. Instant perspective change.

The 'Reality Theatre' felt quite real already (basically an impressive 3D IMAX) but that 'Reality Cube' was goddamn magic. They rendered an ancient burial cave where you could crouch around and use a Wiiremote as a flashlight. I have never been more immersed, more convinced that I really was somewhere else as in that cube.

I haven't tried the Oculus but you could probably make it so that if you walk around, you also walk in the game world. And that's with only visual and auditory cues (or do you count movement as the key immersion cue needed?) .