Entertainment - No doubt
Yes, once this catches on, it will no doubt change the face of entertainment. But two things stand in the way of this becoming how we interact. One is bandwidth. The vast amount of ones and zeros that will need to be transmitted between billions of people every second will completely overwhelm any conceivable network. The other issue is the speed of light. If I'm competing in a game with someone in China, at absolute best, it will add 1/10 of a second to the time it takes for a two-way interaction between us to make the circuit - in reality it will be far longer than that. But then again, that lag hasn't bothered gamers so far, so who knows?