From the presentation (see: http://live.theverge.com/live-sony-playstation-future-of-inn... ) it looks like 1) they've been working seriously on this for over 3 years and 2) they have taken the ideas of immersion/presence to heart and are focused on VR as a medium, not as a gimmick.
Personally, I think it'll be good for Oculus and VR in general to have a strong competitor w/ Sony. If it weren't PS4 only, I'd seriously consider grabbing one. Of course, we'll have to see what Oculus has up their sleeves w/ DK2 tomorrow...