The reprojection tech is a big toss up for me.
As far as general VR use is concerned it's going to make a big difference, 120hz head tracking sounds great, it is a big step up from 90hz and I think for the competition to limit their systems to 90hz is a really dumb move. It should have been 120hz (or 144, or 240) with a recommended minimum of 90, not just "90hz is the fastest this will run". Basically I'm not interested in the first generation of Oculus or Vive because of that (and you can bet consumer version two will have a lot more resolution).
But, with PSVR object movement in game is still 60hz, reprojection is only giving you smooth movement for your own head, it's still rendering the game at 60hz so it's hard to say how it will feel when the whole world is moving around you instead of you moving around the world.
With Sony it's kind of the same issue in reverse, they should have given us an option for native 120hz in less demanding games and let developers choose whether or not to implement frame reprojection. Though I guess as long as the panel can receive 120hz there isn't necessarily anything stopping the game from running at that framerate. We can hope.
In medium slow paced games PSVR sounds great and I love that they're using a 120hz panel, but I'm betting something like Mirror's Edge would not translate to PSVR very well at all.
That said, as a first generation VR package I think it's hard to say that PSVR won't be the most compelling option.
As a side rant: I was running 2560x1440 at 120hz since 2012 using graphics hardware almost half as powerful as the PS4. No, you don't run the latest games with graphics maxed out, but I really wonder why people constantly imply that the latest game engines and top of the line graphics are the only way to use VR?
Games from five or six (or seven or eight) years ago are still some of the most compelling experiences you can have, the idea that you need a top of the line computer to run "games" in high resolution and 120hz is really absolute and utter hogwash.
All I want to do is play Portal in VR, that's some of the best fun I can imagine having with VR and you can probably do that with an Intel IGPU right now.
Edited by ILoveHighDPI - 2/28/16 at 4:41pm