My first time playing VR was on this device and it was mind blowing. I've had more fun gaming lately than I have in a very long time, and although it takes some getting used to, the Oculus is super comfortable and easy enough to set up. The built in headphones and mic are also very good, I was very surprised by how well they work. The controllers feel so natural in your hands you quickly forget you're even holding them, brilliance.
Cons I wish the sensor chords were longer and I wish a third sensor was included, as even in small spaces you can notice some immersion breaking lulls in the sensor's range. Wouldn't recommend just having them in front of you like the setup recommends, as soon as you turn around your hands would float away. You want to have one sensor on either side of you, one high and one a bit lower if you can manage it. Once it's all set up though you should be okay.
Most of the games are $30+ for a game that takes an hour tops to finish, most games feel like Demos and aside from Arizona sunshine they've all felt kind of weak. Poker VR is pretty great to sit down and chill, very social too :)
Not a fault of the oculus, or even VR necessarily, but getting past the motion sickness will take a few solid hours of gameplay, especially for thumbstick fluid movement rather than 'teleporting' which I highly recommend getting used to, to play most games better. Some people give up and assume it will always make them feel sick, but trust me, you get used to it after a few days tops.
I'm very excited about the future of gaming and I believe the Oculus is as good as it gets for now.