Oculus' mid-range stand-alone VR HMD, formerly known as "Santa Cruz" slated for a Spring 2019 release for $399.99 USD.
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Pros
Pro No wires
The Oculus Quest is stand-alone and requires no PC, and thus has no wires.
Pro Powerful
High-quality stand-alone headset experiences.
Pro Uses better lenses+screen than Rift and Vive
The Quest uses the same design of lenses as the Oculus Go, which are much improved quality and FoV. The Quest will also ship with higher resolution panels for each eye at 1600x1440. This is much better than the Rift's 1080x1200 per eye.
Pro Lots of games at release
50+ games are confirmed for the launch of the Quest in Spring of 2019. Confirmed titles include Rec Room, which is a cult hit in the VR community. Beat Saber has also been hinted by the developers.
A general rule is if a game is already on PSVR and doesn't have a exclusivity contract with Sony, it will probably eventually release on the Quest at some point, as the Quest is around the same level of performance/better performance than PSVR.
Cons
Con Privacy concerns
As everybody knows by now, Facebook owns Oculus. This isn't too concerning for Rift owners, as the Rift CV1 doesn't have any cameras on it. However, the Quest has 4 ultrawide-angle lenses which could easily allow Facebook to collect data on consumers.
Con Closed garden/DRM
Unlike the Rift, which supports games designed for the Rift, as well as third-party stores such as Steam and Viveport, the Quest will have a closed garden approach and only support the Oculus store and Oculus approved apps.
Con New flawed touch controller design
The new controller has one major flaw. The loops are inverted. This means when you hit a wall when really getting into a game, there will be no ring around your knuckles to protect your hands.