Pancake optics just recently became a thing and they really are transformative compared to fresnel lenses of the past. You have edge to edge clarity instead of the massive blurry mess of earlier HMDs. They’re also typically thinner and don’t need compute power to compensate for pincushion distortion.
If this Apple headset takes off, I’ll almost feel sorry for Meta. The Quest Pro was their “business prosumer” device that needed another 6-12 months in the oven before it would be usable for that purpose. Great PCVR headset, but nobody makes money on those.
If anything, Meta has shown that VR CAN be sold to the masses as a video game console (Quest 2 sales numbers are honestly impressive in that context), but the console model doesn’t bring in the billions in revenue promised to investors. And nobody wants Metaverse garbage. It’s make or break on the prosumer market, and if Apple bombs I wouldn’t be surprised to see the Zuck pack it up soon after.