This is definitely another area where VR will shine. Concerts, sporting events, etc.
One thing I know is going to happen is people will create simulations for various deaths. Like falling off of a skyscraper, drowning, getting hit by a train, attacked by a shark, etc. I think it's kinda creepy, but you know there will be loads of people who would get a thrill out of it, and so the simulations will be made to serve demand. On the flip side, we'll get to experience things like Indiana Jones with all the snakes around you, or skydiving over a Hawaiian coast, or instant replays from the viewpoint of a player.