So the headset's well-designed, although it does lag behind the Oculus in some key areas. There's a fair bit more light bleeding into the viewing area, a slim slit just below your field of vision that doesn't seem to be rectifiable by adjusting the optics. The viewing angle, too, is noticeably smaller than the Oculus, even if the difference is minimal - on your visual peripheral there's a clear edge to the image, though it's thankfully slight enough not to break the feeling of immersion.
And what a feeling of immersion it is. Project Morpheus' tracking feels on a par with Oculus, even taking into account the advances brought about by the implementation of Crystal Cove. That's no doubt thanks to the PlayStation Camera's input, and the latency seems impressively low when moving your head. Even better, it allows you full 360-degree movement, letting you look behind you - a factor that's exploited to great effect in Sony London Studio's The Deep.
There is one other setback to Morpheus right now, though it's one that's likely to be remedied throughout the development process. Motion blur is much more pronounced on Morpheus than it is on Oculus' DK2, and image quality is also noticeably not quite on par. Both are running at 1080p, but Morpheus' decision to go with LCD displays rather than the OLED used on Oculus hurts it a little - good thing, then, that Sony's already looking at exploring OLED for its own device.