I just attended a live performance by some members of Actors Theater of NYC in AltSpace which is a VR multiuser space. It was hella awkward, but I did get more than a sense of potential out of it. This was not similar to watching a taped performance or a live-streamed one; it was something more similar to attending a live performance.
If you enjoy live performance and have a VR device, I would recommend checking one of these out. It was worthwhile.
Apparently they recorded it, so you can get an idea of what it was like. This moment (though not scripted) was the most intense for me: