Earlier today, Oculus VR released what looks to be the first major competitor to things like the Gear VR by Samsung and Daydream from Google. They're calling it Oculus Go and it starts at $199 (USD) for the 32GB model or $249 for the 64GB model.

It's important to note that this is not a successor for the Oculus Rift. This is instead a standalone device that is about as powerful as a current-gen smartphone would be. The key difference here is that it doesn't require a phone to work. Hell, it doesn't seem to even require any connection to another device at all. It uses a Snapdragon 821 chipset (same as the Galaxy S7) but with higher clock speeds. It's also dedicated just to playing VR content so provided all things were the same, this would still be a more powerful device for VR content compared to smartphones with similar specs.

It also features 1440p LCD screens defaulted to 60Hz though you can hit 72Hz with them. Spatial audio is also built into the device's straps. It's said to be compatible with the 1,000 or so apps already available through the Oculus Mobile Store that Gear VR uses. It also supports Netflix, Hulu, and Plex right from the start. This can be looked at as the Rift's little brother or even Rift's cousin. If you already own a Rift or HTC Vive, chances are you probably won't want this as well.

A rather handy FAQ is up on Reddit for those burning questions of yours. There are also reviews available from the following sites: