Yes, but I think experience can be improved dramatically if industrial design teams gets on the mission and if phones can have targeted improvements. For example, iPhone 7 is rumored to have massive increase in resolution which could be boon for VR. Add on to this a dedicated chip for generating stereo graphics that stays offline except during VR session to save power. Phones can also get two cameras to support AR scenarios as well as 3D photo/video recording. The headset can be equipped with eye gaze and depth sensors with easy way to slide phones in and out.
