We provide an overview of the concerns, current practice, and limitations for capturing, reconstructing, and representing the real world visually within virtual reality. Given that our goals are to capture, transmit, and depict complex real-world phenomena to humans, these challenges cover the opto-electromechancial, computational, informational, and perceptual fields. Practically producing a system for real-world VR capture requires navigating a complex design space and pushing the state of the art in each of these areas. As such, we outline several promising directions for future work to improve the quality and flexibility of real-world VR capture systems.