This is a classic dilemma if you start your thinking with Product.
But that is the error - always start your thinking with People.
The people who will love your product are doing something else now.
Probably paying for something inferior. There's your value.
The second part of this is that people don't buy a category.
Virtual Reality is a new way of doing things. It isn't a product in itself.
But what are the things?
For example VR enables a totally immersive travel experience.
How much do people pay for a cruise or a coach trip?
Or for an exhilarating ride in the sky, on the waves or at speed?
That could be the value you pitch against.
VR enables a new level of games.Something so addictive that, with in-app purchases, you could probably bankrupt people. And gaming too - you can be at the poker table from anywhere in the world.
VR enables a whole new level of corporate communication. How much are people paying for online meeting systems, online training, even phone systems which could be swept away by this?
VR allows virtual operations, with the doctor thousands of miles from the patient.
Sports and skills training, with a truly believable simulator.
Remote operation of machinery, dramatically improving health and safety.
Each one of those has a different pricing model currently.
Two more things.
First, don't underestimate pricing potential. Things start expensive, then commoditise over time. You cut your product life short if you pitch low.
Secondly the price you get for something depends on how good your story is. Seth Godin puts this beautifully - on the shelf in the supermarket there are eggs. Beside them are eggs with a story. The better the story, the more they can charge.
Build a ramp which takes people's perceptions from the old to the new. Make it a "for a bit more, you get a lot more", not a "for the same you could have different".