I'd probably want something like the new Virtual On MARZ upcoming for PS2. Except in this, you'd be based on a spaceship, your VR would launch from there, you could design your own pilot by using a PSO-esque character design, then you could walk around the ship, talk to various people, and make it have RPG elements. Like completing one mission would yield exp to the pilot, and the greater the skill, would make the VR stronger in battle.

Gee....I need to stop daydreaming now.