Virtual reality could cause a case of real-world sticker shock. For those with the stomach to take a long-term view of the business, though, that isn’t a bad thing.

As last week’s Consumer Electronics Show proved, virtual reality is the hot new thing in tech. Hundreds of attendees waited in long lines to try the Rift virtual-reality headset from Oculus VR, the startup bought by Facebook FB -3.30% two years ago for $2 billion. And that was after the company announced the headset would cost $599—or $1,499 for a bundle that includes it and a PC with the necessary horsepower. Notably, preorders appeared to run through available supply quickly. This forced an extension of the headset’s estimated shipping date.

Still, the Rift’s price is steep for what is essentially now a videogame console. The headset alone is about 70% above that of full Xbox One or PlayStation 4 systems. But the high price doesn’t seem to stem from Facebook’s desire to turn a quick profit. In fact, Oculus founder Palmer Luckey says the company isn’t making money on the hardware.

Rather, Oculus decided to turn up the specs on the Rift. In a conversation hosted on Reddit, Mr. Luckey said the new headset is a considerable upgrade from the “much less advanced” technology used in the last version of the company’s developer kit, which sold for $350 over Kickstarter.

That is the right call for both virtual reality and Facebook. As the first high-end headset to hit the market, the Rift will go a long way toward shaping the public’s perception of virtual reality. The importance of that goes well beyond gaming.

Although seen as a nerd’s toy for now, VR could eventually disrupt areas such as communications, retail shopping—both online as it now exists and in bricks-and-mortar stores—and services such as real estate, to name a few.

Facebook CEO Mark Zuckerberg calls virtual reality “the next computing platform.” To that end, it is important the headset delivers a high-quality experience.

And that still isn’t a sure thing. Virtual reality faces more hurdles than just price. The technology requires custom-made content; simply piping a standard movie, TV show or videogame into the glasses isn’t compelling. Virtual reality also can impose physical demands on users that aren’t always pleasant.

If virtual reality is to succeed, it will need to deliver an experience compelling enough to outweigh its hassles. Ben Schachter of Macquarie Capital describes this formula as “utility > disturbance.” He thinks the Oculus Rift has achieved enough of that balance to ship about 1 million units this year. Others have guessed lower. But most analysts agree that the Rift isn’t a mass-market device at its current price.

Right now, it doesn’t need to be. Compelling new technologies often start at a high price and take time to build a sizable user base. Apple’s first iPod cost $400 and sold only 381,000 units its first year. It took two more years, which included a significant price decline, Windows compatibility and the ability to buy songs for $1 apiece to make it a huge success.

Virtual-reality systems, if coupled with the right ecosystems, could follow a similar path. So those looking for a quick hit will be disappointed. Those in it for the long haul could have an exciting ride.

Write to Dan Gallagher at dan.gallagher@wsj.com