I would sure like to see what Nintendo could do with games in a technologically viable VR space. Unfortunately that will only happen if they make a headset themselves, since they won't be on any of the others. NX = Virtual Boy 2.0
this is such an interesting question. Part of me would think that someone like Miyamoto would JUMP at the chance to work with VR. But at the same time, a company like Nintendo lives on it's characters. Characters have yet to be shown to be of any use in VR. Do people really want to BE Link? Do they want to BE Fox McCloud?
To answer your last questions, not necessarily, but controlling and army of Pikmin or taking a picture of a Pikachu running around in your backyard could be kinda neat.
Basically if I can jack into my idealized Nintendo VR world of bliss, I'd be pretty okay with that.