I made it to lvl 29 already in Skyrim VR. It's simply amazing, I can't stop playing.
It's not perfect but the text is very easily readable, the headset must not be sitting right on your head if the text is blurry. Only for handwritten notes I want to lean in a little bit to make it easy to read them. On the map screen, the text for far away locations is indeed unreadable, move towards it to read it.
For camera setup, best to have the camera a bit off center. If you're right handed put it a bit to the right off you to make it easier for the camera to track your main hand when using the bow. Sitting at a slight angle to the camera when using the bow works as well. The problem is that the tracking can get confused when you hold the moves exactly in line with each other or in front of the headset.
Also make sure the camera is high enough. If I have the camera under the tv and I put my foot rest up, my feet block the line of sight of the move controllers causing bad drift. The alignment of the move controllers can still drift slightly with everything correctly set up, simply give the controller a quick shake to re-align it.
You walk in the direction your left move is pointing in, while you sprint in the direction you are looking at. While sprinting the left move seems to affect the speed you're running at, not the direction. With normal running you can look in a different direction than you're running in as the move works like an analog stick for direction.
While using the bow or blocking with the shield you lose the ability to move effectively as you're using the left move for those actions. My preferred style of play is magic on left hand, sword in right. Bow from a distance. You can fire arrows as fast as you physically can :) Shield is my least favorite due to the movement restrictions, not being able to step backwards and sideways while holding up the shield is a big handicap in close quarter combat. (Perhaps it works better with realistic shield grip unchecked, haven't tried that yet)
Swimming is the most tricky of movements in Skyrim. Underwater you need to mimic a swimming motion. Let go of the triggers before you complete the motion otherwise you stop dead each time. Getting back to the surface after exploring the trench last night was still quite a work out.