Well, it just a head mount screen with 180 degrees view, nothings new, you can do on that price by buying a decent projector. I suspect you cant control the camera view in game by just moving your head, you still need the controller to do that job instead.
But VR is just too far what this device can provide to your VR experience. Not at least if they manage to stream all those data directly on to our brain. Well at least in medical technologies today, we can control things by just tapping some wires on our head.
The VR Headset maybe great for watching pron movies on it, as you may never caught watching one.