I've done both so far, the majority just in front of the TV. I just slide the simrig right up in front of the living room TV. Works great. As for the VR, I've only worn it a handful of times in short bursts (just do 1 race and then hop out of it). Only reason is because I am allowing myself to get acclimated to it. Depending on the track, speed of the car, etc. it can cause me just a touch of motion sickness. Outside that, it's really incredible. Feels like you're sitting in a race car going around the track. Gran Turismo did really good with the VR.
Played Gran Turismo 7 the most, but also tried Assetto Corsa Competizione. It's a lot more limited that GT7, but it's suppose to be a true driver simulator. Definitely more challenging. That game has really good force feedback on the steering wheel.
I had a blast with it all weekend though. I'm extremely happy with my decision to go with the simrig I did. It is really solid and comfortable.