Second Life and Opensim have a great potential to give us a place to start the future Oasis, Matrix or however it may be named. Many useful components are there: user creatable contents, positional audio, external media integration...
But due to this complexity it also has its drawbacks: it has a rather steep learning curve for newcomers, there is no obvious system to immediately reward users (i.e. no quest to slay ten rats and get a level up or new weapon).
To make all parts really usable most of the UI has to be redesigned, some concepts like e.g. the chat windows may not even work (try typing on a keyboard you cant see while you could potentially turn 360 degree to look around).
Linden Lab is working on a Rift compatible version, CtrlAltDavid is working on a modified Firestorm viewer
https://ctrlaltstudioviewer.codeplex.com/ Until those are available you can get a first glimpse of what it might look like by using available tools (Oculus Overlay & Freepie with Rift headtracking to mouse).
The key point is that you shouldnt just jump all over the place and look for things to happen, but use it as a tool or 3d engine similar to be using e.g. Unity. Nowadays SL & opensim support many of the same functionality that Unity gives you (mesh import, physics, paths, scripting, lighting...) but this all in a dynamic, i.e. inworld modifyable, multiuser environment.
Sure, this comes with a price: you have to render everything you see in real time, you have to download every texture you run into, and when you compare the environment (that has been created by the users over the last decade) to a brand new prerendered game the graphics are for sure sub par.
But let some good artists design some places specifically keeping the needs of VR in mind and compare the outcome to what might be achieved with other engines.
So, from my point of view Second life and especially opensim have a great potential when used the right way.
Your question was if VR will revive SL... well i surely think it will be great once we have a working viewer and maybe the consumer Rift. Will it be rewarding for Rift users? Sure, at least i like what i see so far. After all you really finally step into all those worlds (dreams?) designed by users.
I only hope the "advertising" that has to be done to make the Rift / SL combination visible outside the VR developer and SL hardcore users community is done at the right time: after(!) there is a working viewer and some worlds created by VR aware designers. If those requirements arent met it might even shy away potential users.
Preparing SL and opensim for the potential users is something that has to be done by us, the developers and owners of Rift development kits!