There is a non-profit research oriented group in Switzerland called Artanim. I have never heard of them before but they recently submitted a project to Siggraph and been accepted as a finalist. Their project is really inspiring.
This is exactly what an Immersive Theme-world could look and behave like. The first adventures would be primitive for sure. There would be immediate dialogue with characters. However, it is the beginning.
I have read the white-page description of the story. It is a rough description of their technology and an overall description of what VR is what applications it has.
This is very exciting development. Researchers and others are doing what what IMyTH is expecting to do. There will be a lot of competition for sure. While this is very similar what they are doing in SLC and The Void, this is some of the first footage I have actually seen using this technology in this way.