say Meta acquires a big gaming co (like Epic) + its engaged users, integrates it into Horizon Worlds, layers on your social graph from FB/Insta/WhatsApp + lets you participate via desktop, console, mobile or oculus VR/AR, could that make for a compelling metaverse?

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Yeah I think so. Their tech + new found users would make a great fit. 

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Yeah. I wonder what the justification is for such heavy investment and messaging around AR/VR hardware (as cool as it is) - seems like the bigger opportunity and the vast majority of time spent by users will be in a software experience that folks can seamlessly drop in and out of regardless of device.

Yeah I feel you. I think they are looking way into the future for this one bc if they tired to compete in software experience, they would probably lose.