As others have mentioned a bit, while being a cute demo this really isn't advantageous. The constant brightness gets irritating with lights 3" in front of your face beaming directly into your eyes, and good luck trying to eat pizza and drink something while doing this. On the pro side, well, um.... not very clear what that would be over having an actual TV.

If you don't have a TV and all you have is the oculus, then why try to re-create such an environment at all? You loose the immersive qualities of the oculus to begin with.

To me the point of oculus is having content made directly for it... where it is 180-360 degrees, and you can't see it all without looking around. Repurposing standard Netflix movies doesn't give much an advantage.