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The PS4 couldn't achieve higher than PS3 fidelity graphics in VR, as you need a higher framerate for low picture persistency (Oculus guys work with 95Hz at the moment, framerate has to be the same or you get tearing, which totally kills the immersion in VR) and probably higher resolution, as 1080p has actually a very low pixel density at the focal point of your eyes, if the screen is pretty much stretched to cover most of your field of view.
If the Sony prototype really is "ahead of Oculus Rift's Crystal Cove", that means they are using atleast two 1080p screens and hence the device connected to it needs to be much more powerful (or the game much less demanding).