Even if it does have technical limitations, if it's the system most people buy, it's the norm. How can it not be? A 'normal' car is a four/five door family motor and not a technically and performance superior supercar. And 'technical limitations' on PS4 basically boils down to artistic limitations, as that's the only thing that'll be limited. Devs in turn will target the lowest common denominator, so quite probably aim for Morpheus and add a little trivial eye candy for PC versions. The Morpheus experience itself regards responsiveness and FOV and whatnot is every bit as valid a VR experience as the rivals. Only if PC outsells Morpheus and has a significantly higher base spec (at significantly increased cost at this point in VR's latest attempt) will the Morpheus experience be below the norm.
It's starting to look highly likely that Oculus will also be the VR headset of the XB1 so there's a good chance the sales numbers Morpheus will be comparing to will be PC+XBO.
On the graphics front, while there will be multiplatform games that are exclusively for use in VR there will also be plenty of "2D first" games that have been designed to work well in VR if you have the capability. ARK is a great example. It looks awesome in 2D but unless it's running at 1080p/60fps in 2D mode on the PS4, then it's going to have to make big sacrifices to get it playable in VR. Those sacrifices could end up as quite a visual disparity between the two versions - before accounting for the higher resolution and frame rate of Oculus.
Also given the massive funding Oculus has I certainly wouldn't be surprised if we start seeing a few Oculus funded PC exclusives.
Actually input seems a more significant concern/factor to me than headset. All the headsets will be great, but what input will devs be targeting on what platforms and how well does that perform in the games people want to play?
ARK is a good example for this actually. Given that the weapons include the likes of a spear and bow/arrow which would be perfect for dual motion controls within a VR world, Morpheus may have a limitation with the move controllers of being unable to control the characters movement through the game at the same time as allowing both of the players arms to interact with the games weapons via motion control.
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