Terrible graphics. I'm not up-to-date but are we still at this level?
And when you call the graphics "terrible" do you mean they actually look bad to you from inside a VR headset, or just looking at the screenshot on some other device?
Because what looks amazing in a traditional game can look cartoony and fake within VR, and incredibly simple things can look startlingly real.
Also - there's a tendency towards flat shading as an aesthetic choice - it actually looks great in VR and frame rate is king.
However - check out something like Valve's "The Lab" to see how skilled devs can produce stunning graphics that run really smoothly in VR. It shows it's possible...
On reflection I don't think VR graphics are looking bad at all...
VR games are a lot of fun, but this is going to drive GPU development for a long time to come.
But I am also behind an escalation of the chipset manufacturers duelling it out. Some market impetus would surely bring about some great new engineering.