(Video Link)
Researchers led by Tajuki Narumi at the University of Tokyo created a cookie-eating simulator that allows users to believe that they're tasting different flavors, when they're really only tasting one:
To create the effect, the team branded a plain cookie with a distinct logo that the headset tracks via a built-in camera. An air pump sprays out the smell of the chosen cookie, increasing its concentration as the system "sees" the cookie approaching the wearer's nose.
Meanwhile, a visual display in the headset shows an image of the chosen cookie, suggesting the correct texture for that flavour.
The combination of smell and visual texture combine to fool the user's sense of taste into thinking they are eating a flavoured cookie instead of the plain one.
Link via technabob
Making a 'base' object taste like different types of the same kind of food (say, sweet for example) when flooding them with different smells of that type, it quite possible.
This has been shown in many demonstrations - so you don't really need VR. I guess the cool thing about this is that it adds VR to increase the sensation of a dynamic reality.
Its a chocolate cookie! Now its not for a sec, because your thumb covered the burnt logo....NOW IT IS again!