So much ignorance needs to be addressed.
First...Performance:
The PS4 can display 1080p content at CONSISTENT high frame rates (60+) just fine. All the developers have to do is dial down things like shadows, physics, particle effects, or the polygon count. There are LOTS of factors that go into what your end results are, graphically. The reason the launch games perform the way they do is that developers are trying to push the hardware...dial back the fancy "whiz bang" effects a bit, and you will get better and more consistent frame rates, even at full 1080p resolution. This is why my PS3 can play "Wipeout HD" in 1080p/60fps and why the Xbox One can play Forza in 1080p/60fps, but more graphically intensive games, like Battlefield or COD take a resolution and frame rate hit. So, the PS4 is MOST DEFINITELY capable of driving a VR headset with good results.
Second: Cost:
Oculus managed to make a VR headset and market it successfully for $300. The Rift uses "off the shelf" components, too. Sony can source components a LOT less expensively than Oculus can, especially if they ramp up production into the millions. They can also make FROM SCRATCH any components needed, unlike Oculus, which has temporarily suspended production of the Rift due to lack of crucial components. I fully expect Sony to sell the VR headset for no more than $350...but it's possible it could be as low as $200 or $250. Let's say it is $350. You also will need a camera ($60) and a Move controller or 2. So, $400 for the console, $350 for the headset, $60 for the camera, and $100 for the controllers...And you end up with roughly $910 MSRP for a FULL VR system! This is an INSANELY good deal for a full VR system! Also, keep in mind that gamers wont necessarily have to have a TV...so the cost of the VR gear could be offset by not having the costs associated with buying a TV for your system as well. In any case, I feel that under $1000 for a VR system would be acceptable for many gamers, including myself. These will have NO problem selling.
Third: Games and development
I have read comments talking about how no one is developing anything for them, or that devs won't even have the tools for a while...well, what about the THOUSANDS of Oculus dev kits out there? There has ALREADY been tons of work done by game devs (and other developers) on VR over the past couple years. This work translates DIRECTLY to the PS4...as we can already see with the tech demos being shown today (EVE Valkyrie anyone?). Additionally, the ENTIRE industry is excited about the possibility of a mainstream VR system. It won't take the industry long to push out good content for a Sony system.
Fourth: Competition with Oculus
Some see this as a "zero sum" game, where if Sony is successful with "Morpheus", Oculus loses out. I don't think so. First, Oculus has stated that one of their primary goals is to spark VR development and mainstream acceptance. They have NO problem with Sony getting in the game. Second, Oculus is going after PCs and Android platforms, Sony is targeting the PS4...they are going to complement each other, not compete against one another here. Third, I wouldnt be surprised if Sony ends up providing parts or manufacturing capability for Oculus in the future...this is purely speculation on my part, but it would make a certain amount of sense to partner up.
In short, I am VERY excited about this announcement, and I simply can not wait to see what the final product is like. I suggest the nay-sayers withhold judgement until they are able to TRY it, in person. Then they can comment with some knowledge instead of commenting out of ignorance (or worse, blatant fanboyism).
