Second, hololens is not a gaming device, or at least, that's not the market it's pitched at. The developer version is $3000. Given the rift devkit was cheaper than the consumer version, it might actually go up by the time it hits the market. Undoubtedly, it will eventually come down in price, but not for a while.
Microsoft is going to have to get content on their hardware platform to make it an attractive purchase for end consumers, and the end consumers are going to be looking at ways to get functional use out of the hardware, and that means they'll buy the hardware based on available content. If the content just isn't there... the billions MS is investing into hololens will be wasted.
The way I see this AR and VR are on a completely different playing field, and Microsoft is totally aware of that + they are in the position to freely waste a lot of money for technological advancements...
VR is most probably going to be #1 ENTERTAINMENT focused piece of tech if it all goes well.
Games, movies, theatre, amusement "parks", online presence, virtual travels/experiences etc...
AR is going to be the #1 INFOTAINMENT focused piece of tech.
Info-communication, work environment assistance, social networking, news, navigation, commercials etc...
A good analogy, I think, is how a PC or a gaming console compares to smart phones today (at least from a "gamer" perspective). Most probably there will be games, why wouldn't anyone design games for new tech, but both the users of AR and the developers for AR will don't give a damn about EMERGENCE, and in contrast all the users of VR and developers for VR will focus on that!
AR does not need much content for consumers to buy devices. Users of AR will "only" need the already preexisting app ecosystems with a little "re-tailored for AR" updates, like social-media/networking, navigation and communications apps, apps to order stuff from a store and check how it would look like in our house/room etc... Another big part where it is going to work well is the office/work-environment, since you need "similar" stuff there. Apps to manage stuff, apps for aiding development of new products, apps for marketing, or for communicating with your colleagues etc... It is more likely to become a new way to view and perceive information, like monitor 2.0 or something like that :D. Probably application developers are going to jump on that bandwagon first and foremost instead of game developers.
VR on the other hand will need content, the same way gaming consoles need exclusive titles to buy them these days :). Otherwise no one will care, but I guess, that is just as much likely to happen in the foreseeable future.
P.S.:
Tried the DK2 before. Really cool, but needs bigger resolution to really be there. I still would love to put my hands on a final one, but bit pricey, so I wait for the final Vive product and the Oculus controllers too before buying.
Tried Google glass. It is really really far from where it has to be for becoming a mass-market stuff. Based on what I've seen about the hololens, it is much much closer. Needs to come down in size and price, but that is going to take some time, maybe even a decade I guess.