360 degree video is an aspect of virtual reality.  I say aspect as the terminology is still being fought over by those who think that is important.  360 degree video does achieve at least a small virtual feeling of being in an environment.  You can't become completely immersed, as you can't change what is happening, but your mind can be fooled enough for some to get sick.

With 360 cameras becoming more and more affordable I see that they can become mainstream.  Parents taking videos of kids soccer games to birthdays.  And with digital video, there is a great opportunity for the common person to produce engaging stories with the medium.