Instagram definitely has location and social graph data to exploit.
But Oculus? What is FB going to do with that?
I think most people still think of FB as the site and advertising sales for the site.
But if you see FB as a conglomerate like Google, Apple, and Sony then it makes more sense. FB is diversifying, buying up promising technology with the hopes of leveraging new markets out of it.
Maybe they want to make the Gameboy of wearable gaming? They have had success in working with gaming companies (Zynga and King might have peaked, but FB still made money.) And they certainly have a enough power to make things happen.