There's a reason why Microsoft is worth $340+ Billion and Sony is only worth $30B. The difference between M$ and Sony, in this situation, is software.
The PS4 runs a proprietary OS while shortly, Xbox One will be running Windows 10. Now while I agree 100% with Phil Spencer's decision to forego any VR tech at this point in time (who wants to strap on a huge, goofy headset that needs to be charged every 4-5 hour if it doesn't already need to be plugged into a USB port?), if it does take off (which it wont), MS can simply partner with a company that is already successful on PC's Windows 10, and with some software tweaks and optimization, have it running on Xbox One in a matter of months.
Do you really think people are going to be lining up by the hundreds to buy Project Morpheus for $300? Of course not. It's a niche product and a fad that will burn out faster than virtual boy or 3D Blurays.
Face it, guys, VR doesn't have a future in the console gaming market and Microsoft knows it.
I'm sure my comment will be moderated or deleted simply because I'm agreeing with Microsoft on this one, but it is what it is.