Over the holidays, my brother-in-law brought over a set of the current Oculus. The 720p ones.
The experience reminded me a lot of the early days of 3D, i.e. the difficulty alone of setting up a 3D daughter card properly. You needed the right version of this driver, the right version of that app. The Oculus took about 45 minutes to set up properly - and I am a gamer with a gamer PC. We needed a particular game from Steam that had a development feature that you could turn on, etc. We had to fool around with the Windows video settings. You name it. This will obviously get better when they release a real version, but it was pretty bad.
Then I actually tried them. All of Jeff's observations are spot on. The current resolution sucks. The problem is that your eyes are so, so close to the screen. I thought that I was going to have problems as a user of reading glasses, but that turned out to not be a problem. I have no idea why, but I didn't need them, so that was good.
The other big issue is maybe health related. These things can make you (or at least some people) sick as a dog without a good deal of practice. I'm not sure if it's the lag, or whether it is a fundamental property of having your brain yanked from the visual environment that it evolved in for the last 100+ million years. It was really bad. Of course, the game we were playing, which was some sort of flight simulator, didn't help. I did not try another game. I didn't feel like I was going to be able to walk after 10 minutes of VR.
One other thing. These goggles invite new gameplay experiences that probably haven't been invented yet. And by that, I mean that just strapping these things on does not suddenly make current mediocre games great. Mediocre games still suck. In fact, they are worse, because you can see every flaw, due to the closeness of the screen. So there will need to be games that are made just for this device. Which, I guess means that you should not buy these hoping that your current set of games will now become "walk thru" or whatever.
It is going to take a compelling combination of hardware and software in order to make this device really shine.
I wish them the best. I am really on the fence as to whether or not this is a revolution at all. Time will tell. I hope it is and that they can overcome all of the hurdles, many of which seem kinda big.