This is the way to do VR. Using your latest Smartphone and the $100€ vrAse headset (€ prices always include 20% VAT!). Using your latest always-improving Smartphone display, sensors, processor, graphics, storage, connectivity and everything. Just insert your Smartphone into the $100 http://vrAse.com headset (successfully funded on Kickstarter, to be available this summer) and you transform your latest smartphone into an awesome virtual reality machine. I've tried it, and it's awesome. Oculus VR and other similar dedicated VR headsets probably use standard smartphone components anyway, so why not just use the latest Smartphone in the vrAse headset? vrAse just focuses on providing good optics with two lenses, which can provide for 3D and 2D immersive virtual reality.
The vrAse finally justifies having 1080p and higher than 1080p resolution on your latest smartphone because it brings your smartphone display pixels up close to your eyes!
I think the killer app for vrAse (and for any other VR headsets) may actually be 360 degree panoramic immersive video (although the 360 video cameras are not yet available to the masses, but they may be imminent), as I filmed the 6K panoramic video demo on Nexus 5 in my Finwe.fi video of last month: