It will definitely save space... I talked to a guy who plays with a mouse/keyboard. I don't even know how that works. You'd have to pry my HOTAS out of my cold, dead hands. It adds so much immersion to the game and I'd rather not relearn any controls.
With an oculus, I'm learning how to play blind, so I've been slowly mapping all the commands I need to the flight stick. I've found using the galaxy map in VR is almost impossible. I don't know why that's the one area in the game where it won't use your headlook as the cursor.