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It would be like playing on an old SD tv.

VR is great for immersion, not for watching tv (or narrow fov console games). The resolution isn't good enough, unless you want to go back to VHS quality. Morpheus has a 100 degree field of view at 960x1080 per eye. Realistically you don't want to go over 40 degrees fov for watching tv (especially not with shaky cam), so you're roughly left with 380x430 for your content.

It's possible, yet a big step back from 1920x1080.