So to use PSVR you need to connect an HDMI from your TV to your breakout box and another one from the breakout box to your PS4. You then need to connect the headset cables to the breakout box (including a USB cable). The breakout box itself has a power brick to power it. As it looks right now, that means for convenience sake, you would need to use your breakout box even if you're not using the PSVR. If its not a hassle, you can unplug the HDMI cables every time you're not using PSVR and simply connect your PS4 to your TV, but doing that every time would probably not be worth to. Long story short, I would not be surprised if the first real revision of PS4 has the breakout box built into PS4. You would then only need one HDMI cable and there would be no power brick. The only cables needed would be the PSVR headset cable and the USB cable.
This is more or less, the setup needed (whoever made this forgot about the HDMI cable that goes from the breakout box to the TV):
lil playstation 4 is so cute!