In the future, both will be important and will likely merge. If someone can make goggles which can switch between immersive VR and AR, they will do well. I think approaching this from the VR side rather than AR could be tougher and best in the long run.
Oculus has will be the thing that teenagers use to hang out online in the future. Something like Second Life will replace Instagram which replaced Facebook which replaced tying up the landline talking for hours each evening with the BFF.
I also think that the technologies will eventually merge, but due to current physical limitations in display technology I am not convinced that this is imminent. I'd guesstimate it at 15+ years. Adding and subtracting to incoming light, and doing it so that you can convincingly blend the two (allowing you to convincingly overpaint something that is bright in the real world with something that is dark in your virtual space while also allowing you to overpaint something that is dark in the real world with something that is bright in virtual space) is a difficult problem to solve. Probably some sort of hybrid LCD/AMOLED tech could do it.. but I haven't even heard of prototypes for this yet.
Oculus has will be the thing that teenagers use to hang out online in the future. Something like Second Life will replace Instagram which replaced Facebook which replaced tying up the landline talking for hours each evening with the BFF.