Oculus Rift is a virtual reality, head tracking, and stereoscopic 3D headset that allows a gamer to literally turn their head and look where they want to inside of a compatible virtual environment. We were able to go hands-on at PAX 2012 and play DOOM 3 BFG and the experience blew us away. The complete integration of head tracking and stereoscopic 3D creates an almost surreal experience. Being able to aim at a target literally by looking at it is an amazing feeling, and the complete immersion experience is well beyond any other existing experience on the market today.
The Oculus Rift has been receiving outstanding support through its Kickstarter page since its inception. Official recognition coming from developers such as John Carmack, Gabe Newell, and Cliff Bleszinski shows a promising future for the virtual reality headset. As an avid gaming enthusiast with a triple-monitor surround, Track IR, and AmBX ambient lighting setup at home I have to say that it doesn't even compare to the Oculus Rift.
The project isn't without its challenges, there are a few technical issues that need to be revised for the consumer unit of the product. The issues appear to be limited to prototype-centric issues such as a low response time for the display panel -- something that the Oculus team is aware of and working to correct.