My major concern with VR is how much an impact it will have on your eyes' health.
Virtually no worse than looking at anything else for that matter. The design of things like the Oculus Rift, and Project Morpheus is that it puts an image out far in front of your eyes, so you're not focusing on something very close. Given the right software, it's theoretically possible to improve your vision using this hardware and focusing/defocusing images that are presented to the eyes. The other side of the fence is the idea that light projected right into the eyes is necessarily detrimental to your eyes health. The problem with that argument is that is how everything works. Light reflects off of objects and is then projected right into our eyes. That is how we see. With current screens currently in existence, there is virtually no difference on the human eye, at looking at a current decent quality LCD/LED display, compared to looking at objects in the real world.
So sign me up!
Thing about VR it takes amount of resources and works only with certain types of games: just like 3D and motion controls. Xbone doesn't seem to have horsepower to maintain 1080p/60fps with 65 fov, how are they going to make VR work? Same goes with PS4 thing.
PS3 3D was awful, Kinect was awful, well see what they do to VR.
The problem isn't that it doesn't have the horse power to do these things, it's that software hasn't been designed well enough to use the hardware of the Xbone to display these images, at the given complexity provided. If they lowered the complexity of the image (fewer polys, lower resolution textures, fewer usages of light blooms, fewer depictions of Jesus in toast/WHATEVER), and/or improved the software's use of the given hardware, the Xbone could easily handle the images at 1080p/60fps (I'm dropping off the FOV as that is a nonissue here). But that argument also goes with the PS4.
Before you pull in the issue of the two simultaneous screens, remember that the resolution of each display is half that of one full 1080p display, so the hardware requirements to display 2 960x1080 screens is virtually identical to a single 1920x1080 display. The complexity comes into the motion tools required to adequately put you into the virtual world. Passive virtual reality ( which is basically just giving you the visual display), has long since been proven make people nauseated, give people headaches, etc. The very reason the Oculus Rift exists (with its current hardware setup) today is that Palmer Luckey recognized the issues of previous HMDs (head mounted displays), and realized that accurate representation of motion was a necessity. If you turn your head to the left, it MUST reflect that you've done so, otherwise you have the very problems that cause motion sickness.
The current DK2 now has the hardware to provide sub-millimeters of a accuracy position and rotation, while reflecting those movements in less than 100 ms (20-30ms is what I remember from the announcement video - correct me if I'm wrong). It does so by having multiple IR projection points on the outside of the display, that are then recorded by an IR camera so the computer can tell exactly where the headset is at any given moment. The beauty of this all is that the Kinect 2 is just such a piece of hardware. The Xbone already has some of the hardware necessary to pull off this very feat that the Oculus VR people have had to go out of their way to make viable in their current DK2. Furthermore - the Kinect 2, if software is designed correctly for it, could accurately portray the human body, in a visually representative way, into the virtual world (as it SEES you in 3D and can represent you in that 3d world).
No, my only problem with the above announcement is the definite, "oh, they're talking about VR now? Well, we uh... we've totally got VR going, we're totes down with that yo. You should see ours, it's awesome." I just really REALLY hope they don't try doing something stupid like buying out a major IP LIKE Oculus for this to happen.