I'm not at all surprised at how advanced Valve's VR offering is. They were actually working on VR long before the Oculus Rift started. For some reason Valve canned the project and let go of all their staff including Jeri Ellsworth. Many of these people were then snapped up by Oculus. Because Valve didn't sell their project to Oculus, Valve would have retained all their previous VR work to use when they restarted the project.
One reason why the Oculus Rift could be shittier than the Valve one is that Valve holds the IP to do something better and is not selling it to facebook.
If I am not mistaken, Valve did the ports for Left4dead, Portal 2 and HL2 to the Rift. Valve is definitely not a newcomer to the VR game.
I hope it is Valves VR that takes off. Valve only cares about gaming and doing it well. If facebook wins you can bet they will augment targeted ads into the VR.