1080p is a bit low, but that also allows less detailed graphics to look good enough, which makes it easier to maintain 120 fps.

It's a single 1920x1080 screen, 960x1080 per eye over a 100 degree field of view. With tv you don't get more than 30 degree field of view when you sit close, 20 is closer to the norm. So really what you perceive is less than 320x360 per eye compared to what you're used to on tv. PS3 level graphics will be more than detailed enough.

You got to start somewhere. Tripling field of view, quadrupling the standard frame rate, it won't be compatible with current ps4 games. Which is fine. VR games need to be designed from the the ground up.

Anyway Wipeout HD and GT6 on Morpheus, I'm ready. Or GT4 and Wipeout Fusion, fine too, whatever works.

Guys it's not going to be running games at 120fps. It's a 3d display remember. It'll be running games at 60fps in 3d. You need twice the refresh rate of the frame rate to display in 3d.

120hz = 60fps in 3d.

Edit: Actually I think i'm wrong, because it's a differnet display for each eye.

The design looks so much better than Oculus Rift and it sounds good too. If it supports many games I'll buy it if its costs $300.

I mean I have an Xperia Z3 and with a 1080p on  5.2" screen I cannot differentiate the pixels even if I get so close that I touch the phone with my eye.

And yeah OLED will look great!

It doesn't quite work like that with VR. Read SvennoJ's post (it's a few above), he does a good job of explaining ^^

You forget the optics. It's like looking at your phone with a magnifying glass. You would have to hold your 5.2" phone screen at 2" distance from your eyes. Ofcourse you don't see pixels, nobody can focus at that distance.
If your tv is big enough you can simulate the experience a bit by sitting at a distance of half the width of the screen. That's sitting at 22" distance from a 52" 1080p tv. Ofcourse since the screen is shared for both eyes, horizontally the resolution is half of that again.

No information about the price?

Are these specs final? Or could the beast actually get even better a year from now, that is what I want to know :)

its a year away from launch, it could get better, but they are saying "near final" specs from what i understand. 

I have a bad feeling Sony's E3 conference will consist mostly about this.