* Sure, you don't get the full resolution. The apps typically put you in a virtual movie theatre and "waste" pixels on your environs. But people watch 720p content all the time! Would I want this to be my only media experience? No. Is it better than your tiny phone or cheap tablet on your tray table? Yes.
* The 6dof tracking is totally off because the cameras can't see the fact that you're moving and you just end up shifting wildly. You can turn it off and go back to accelerometer-based head tracking and it works fine (modulo landing and takeoff, and in those regimes you just need to reset the viewport every so often). I would recommend you turn off 6dof before you get on the plane though; it's wild trying to do it on the plane.