Theresa Duringer had a fear of flying. She did not use VR exposure therapy to treat blow-bys, but instead tried to use VR alone to completely overcome some of the factors in real-life trigger flight.
She has slightly avoided some of the reasons for triggering her flight fears by using some of the transport elements in VR. But don't expect that this method will work for many other phobias, because being immersed in VR requires you to be in a state of rest and isolation from the surroundings for a longer period of time, which is of course useful for flying. However, it may not be effective for many other phobias.
There has been an interview with Theresa at SXSW (Southwest South Conference) where she gave a speech titled "VR Game Design for Pioneers." She is CEO of Temple Gates Games, where she helped design VR works such as Bazaar and Ascension VR. She talks about some of her own VR best designs, and also talks about her own personal experience with VR. VR helps her better deal with problems on the fly with physiology and stress feedback.