ZOTAC Mobile VR is so far a proof of concept that may use a mini gaming PC powered by batteries inside of a form fitting backpack.
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Pro Easier to upgrade separate components
This is basically a backpack with a PC and a battery power supply, all inside. What this means though is since this solution uses separate components, they will be easier to upgrade. First the PC will just be one of Zotac's mini PC that is powerful enough to power a ZVR unit. THis in and of itself should mean there are components in that mini PC that can be upgraded or changed. On top of that, the batteries will be a separate part in the backpack, which could also be replaced or changed to an even more powerful pack. Overall, this makes for a more versatile solution due to everything not being all in-one.
Pro Not limited by laptop components
The PC that will be used will have desktop components meaning that the unit will be able to power games better than something using laptop components such as laptop grade CPUs and GPUs. This will of course use more power, but will offer better performance.
Con Battery life isn't the greatest
Sometimes with both batteries you can only get just over an hour of play.
Con Potential to be bulky and heavy
Due to the nature of the design, using a backpack and filling it with a mini PC and battery pack, there is potential for this to be a lot bulkier and heavier than the units from HP or MSI, as theirs are more all-in-one, allowing for a more slim device.