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Soundwave said:

720p resolution is way too low for a good VR experience, the Samsung setup uses screens with far higher resolution on their phones, but if Nintendo uses that you are talking about an NX that's $300+.

Also the Tegra X1/X2 don't have the juice to produce great graphics for VR. The PS4 struggles with it as is, the XBox One doesn't even seem to try ... you need more than the horsepower of a portable chip to get a good VR experience. PS4 Neo and Scorpio are along the lines of what you need for a VR experience. 

I would say that the requirements in terms of graphics is very subjective. The benchmark is so high because everyone is aiming for traditional looking games, often with realistic or high quality graphics. VR is a compelling experience but people rarely come away talking about how the graphics blew their mind. The one demo I tried with oculus was a rollercoaster game with terrible graphics, I was still blown away. Its important to be presentable but resolution aside games have been pretty presentable for over a decade.

Nintendo graphical targets for VR would clearly be very different from what a lot of developers are doing and thankfully so.