I understand typical IP policies, that they definitely own any code he wrote and are capable of patenting ideas generated by him in that work. This seems to step beyond that however (if indeed he used no code from id software at oculus).
Perhaps I am being naive, but as a software developer, this seems to me that they are attempting to set a dangerously non-competitive precedent. Under this logic, because I learned how to do advanced SQL queries over an internship (assuming a similar IP policy), I could never write SQL for any other company. That is a much simplified analogy and is likely missing some specifics, but I would honestly like to know the basis for this type of lawsuit.