Augmented reality enriches the world or creates an overlay so you get your interactive elements whilst still being able to function in the world.
Virtual reality is an escape from reality and allows greater levels of immersion compared to staring at a screen. Later it will allow sensory disconnection or replacement for complete immersion in the virtual environment (a la SAO) but that's a long way off.
Both are in very early stages, but I'd prefer augmented reality. I don't see VR goggles enriching my gaming experience beyond the aspect of allowing free view by turning my head (something demonstrated well in Star Citizen) and full-dive technology isn't even on the horizon. On the other hand, if augmented reality can reach the level seen in Dennou Coil (anime, but it's interesting) which is definitely achievable, then I can see it taking over the entire mobile gaming platform as well as being an enhanced social media platform.
Edit: although, from what I've seen of Hololense, it's not there.