I have the Vive already. It's definitely a mixed bag, to the point where I wouldn't recommend it unless you have quite a bit of disposable income or you really must have the latest tech.
First off, the motion tracking is truly amazing. It really is 1:1 with the headset and the controllers. And I love the controllers too.
My big complaint is with the image quality and the screen door effect. Most reviewers have been pretty forgiving of this, but it gives me the feeling that I'm looking at a low resolution screen through a set of scuba goggles.
Also, most of the games are overpriced and underdeveloped. It is very reminiscent of the Wii with most of the titles relying too heavily on the motion controls and not much else for their entertainment value. You will get bored of most of the current VR games very quickly.
Considering how well the motion controls already work, and how quickly screen/GPU tech has been progressing over the last couple of years, I feel like VR is going to have a future. But for now it's definitely for the hardcore and people who can look past the current limitations of the technology.