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Would a virtual life be better at fulfilling experience than reality?

By virtual reality we mean a reality created by computers. The idea can be entering in a virtual world while you are unaware of what happens in the real world (like in the movie "The Matrix") or by living a life in a video game. (games like "The Sims", "Second life", etc)
What is better? What are the benefits and cons?

To get prepared, please take a look at this document that can help you organize your ideas:
Speech structure.