Jason Snell mentioned this in the latest upgrade podcast. If this is true then the Vision Pro will die a quiet death as people forget about it with 3 years of no upgrades.
I’m thinking this report is completely wrong. Apple has to iterate quickly on this new platform as they always have. iPod, iPhone, iPad, Apple Watch. They all had annual updates in the beginning while excitement was building.
Sounds about right. Like a game console we probably haven’t seen the full horsepower that apps will eventually be optimized for. By 2027 there will of course be a nice bump in hardware.
Apple may choose to come out with a Vision Pro Lite at reduced costs before 2027.
As a buyer of gen 1: Good. 
If the pace of hardware updates to the AirPod Max are any indication, this story may be true.
The early rumors from Mark Gurman were “The second-generation version of Apple’s Vision Pro headset is at least 18 months away from launch”. So this may have been Apple’s plan from the beginning.
I think it’s semi realistic, especially given the price and the low purchase rate seen already. 3 years does seem extreme, but I don’t think it will be a year on year update. Maybe every 2 years.
This, of course, doesn’t rule out Apple bringing out a different model alongside it. But I think that AVP will be a slow burn.