PSVR won't replace an HD TV for general content consumption but I think the novelty is more than just novelty for this feature. The Oculus Video/Cinema app on Gear VR actually produces some pretty decent image quality. Obviously you lose some clarity but it can be punchy and bold and look pretty crisp, as much as it's technically not a full HD image you're seeing.
I imagine PSVR's higher frame rate screen with full RGB sub pixels should produce an improved image over Gear VR and hopefully it won't suffer from the same smearing that Gear VR does. If it can do that, combined with the much greater comfort of the headset, it could be a very useable experience.
I really hope they get 3D Bluray playback sorted, I'd LOVE to see Gravity in the largest screen setting in 3D, and 3D in a headset is much better than in the cinema where there's often crosstalk and blurring as a result. I'd be disappointed if they don't have 3D bluray playback shortly after launch.
Edit: the main issue with Gear VR for this kind of usage is comfort (or lack thereof) and a very tight sweetspot in the lenses meaning clear field of view is quite small, so watching in Netflix for instance has the corners of the screen looking blurry. I believe PSVR has a wider sweetspot, and larger lenses to begin with, and of course it's more comfortable... So I'm optimistic it wont be as useless as some fear.
