Virtualization seems to hold promise for eliminating suffering. At least it's the only way possible for non-domesticated lower life-forms. The larger question is whether, if we survive, we will try to eliminate suffering by virtualizing everything or eliminate it by eliminating everything, transcend and leave everything else to suffer, or begin to consider it morally acceptable.
If we accept the undesirability of suffering as a moral (personal) absolute, the rest of ethics (formalized) can rest upon it, as SH has said. What remains is to reduce the amount of undesired states of mind in order of whoever feels most harmed by them. Sometimes that will mean changing the nature of society, and sometimes it'll be a hug.
This is perfectly compatible with rationality. It does not make ethical sense to coddle irrational emotions.