I was wondering if this oculus rift becomes a success will that mean no more traditional games will be made and by traditional I mean on a tv with a controller.

Quick response but surely you would still need a direct input to what you may be doing, i.e. a first person shooter you would need wasd/left joystick to move which would mean you would require a gamepad?

Your idea requires a mass influx in people using oculus rift with a secondary controller ( the one which has a circular frame which you can walk in) to move around. What I would love to see is the next generation (and pc) 100% supporting the oculus rift with games that have a mode which would work well and potentially even some games which require it (if there are some very imaginative developers out there)

Edit: your post count is kind of low, im going to say welcome to giant bomb

doube edit: the circular thing i was talking about was the omni, if that peripheral could work and be potentially be bundled (haha im thinking of the movie Hackers with that very quick VR segment) with an oculus rift and it works well, then there is huge potential to work well and work with your desires.
The ultimate next generation system will incorpate a kinect monitoring your every muscle move, with an oculus rift monitoring where you are looking and an omni to control your movements.

There's going to be all different kinds of games. The oculus will just add more.

Maybe in the far flung future, probably not in the next ten years. Thats my totally uneducated guess, but I get the feeling that something as goofy looking as that headset will be a difficult sell for the wider game buying public. I personally dont have any interest because I dont want to be ensconced in my game to the point where I'm shutting others out around me.

Nope, regardless whether or not it's a huge success, I don't think that'll be the case anytime in the near future. Maybe someday, but not soon enough to worry about. The great thing about the games industry is that it can be so diverse. There's tons of different experiences games can give, and the oculus will just simply allow us to experience them in a new way.