Virtual Reality (VR) is currently on everyone’s lips for various purposes. Although the hype is currently nearing its productive plateau, there are still uncertainties about the utilization and potential of the technology in research and educational contexts. Together with the two following articles on the subject of VR research, this article provides an overview of the inherent potential as well as remaining challenges in the use of VR as an instrument for research and education. These will be clarified and critically examined on the basis of specific academic projects. Based on this, the article concludes with a comprehensive look on the need for further discussion of ethical issues as the key for VR success in research and education.