IMO, this is opposite of complex. It is elegant and much less processing heavy than Oculus and Morpheus [who are limited to real-time processing of 60fps video feed for positions of IR dots [which can be interfered by other lights in the house]]. You just plug lighthouses into the wall plugs and do initial calibration. If you don't have place for walking, fine, nobody is forcing that on users, especially since majority of games will also be compatible with Oculus/Morpheus who are more focused on sitting/standing still.
I agree, it's extremely simple to process the data compared to any other solutions so far, and in theory it's more robust data. The only con is that it's a mechanical thing, which might become noisy or sensitive to vibrations, it needs a lot of sensors on the headset. And the other con of Valve is that it looks like the headset lenses are crap compared to the latest oculus and morpheus. (but... prototype)
Morpheus is not limited to 60Hz, the stereo camera can do 120Hz at a very useful resolution, and the accelerometers and gyros continue to calculate the position at 1000Hz (those frames are simple math between the camera frame decoding). The camera data is to get the absolute position, and then keep the system from drifting.
Oculus is only 60Hz and have more issues with positioning because there's no stereo camera for triangulation, but it's also using accel/gyros at 1000Hz, and also magnetometers (I think Morpheus doesn't need them anymore, they needed them for the old Move system with only one camera).
Wild theory, It's possible that Valve used this system because it's the safe one that wasn't patented for VR, or expired because laser scan is extremely old technology for triangulation... Sony have a lot of stuff from Richard Marks work on the original eyetoy, MS bought a lot of VR patents, and facebook also bought a lot of VR patents. Apple being Apple, they patented
"putting a phone close to your eyes". This is all patent warfare, everybody is walking on eggs.