I think this is the best overall application and use of VR that we have right now. My only concern is price. The Oculus Rift is about $300 for devs (the newest rev with the camera is $350) so I could see Sony, who already owns groups that make all the tech inside the device, launching this at like $200-250 with a demo game included.
The hardware to hook it up seems a bit convoluted, too. There's a PS4, a controller box for the headset, the camera needs to be looking at you, and then it all needs to be wired together. If they can get it down to just 1 cable between the headset and the PS4 then that will be better, but so far its just kind of frankensteiny.