The Oculus Rift is one of the first true virtual reality experiences announced and was launched in 2013 thanks to a very successful Kickstarter project. Oculus was purchased by Facebook and offers its own Oculus Store as a virtual reality marketplace.
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Pro Familiar experience of playing games
For those used to the traditional way of playing video games, using a controller and sitting in a chair, the Rift should feel quite familiar. It does offer a virtual reality experience through what you view, with some tracking interactions, but mainly it is much like playing a traditional console or PC game where you are viewing the game on a screen (directly in front of your face of course) and controlling the game with a gamepad or keyboard and mouse.
This should appeal to those that would like to experience VR gaming but do not want to compromise on their traditional control methods or afford the room for gaming that takes place standing and walking around ones room (such as the Vive).
A slight evolution on traditional gaming without being too unfamiliar in control or setup.
Pro Easily extensible through built in USB port
The built in USB hub allows for other devices to be plugged in for power and communication. This means the user can extend the function of the Rift through extra peripherals that work alongside it such as the Leap Motion.
Pro Out-of-the-box game engine integrations for developers
Rift integrates with Unreal Development Kit, Unreal Engine 4, and Unity 4 without any workarounds, which makes it easier for developers to create games for Oculus Rift.
Pro Easily use the headphones you prefer
The headphones the device comes with are detachable, this means you can use your own headphones if you prefer their fit/quality.
Pro Comes bundled with a wireless Xbox One controller
Depending on the situation, controllers can offer superior control than head movements/touchpads. Because the XBox One controller is bundled, it makes games more enjoyable and means you don't need to go out and buy one adding to the cost of the Oculus Rift.
Pro Easy to adjust lens distance
There's a dial at the base of the unit that can be used to adjust lens distance. This helps focus on the display, which is essential for best text clarity. Being that everyone's eyes are different, this greatly helps to make for an experience that anyone can enjoy with clear visuals.
Pro Ability to control and improve ones VR viewing with a built-in latency tester
Being able to test for latency and adjust accordingly can help improve the experience of play. This tester uses a real-time microsecond precision measurement of motion-to-photon latency, which can help optimize the latency being experienced in order to cut down on delays of movement to visual interpretation. Basically as you move your head to look around, there will be a delay of information as it has to first be transmitted to the PC that you moved, then the correct info has to be sent back to the display in order to show this movement in an accurate and believable way. The longer the delay the less real the VR experience with a side effect of causing motion sickness. Having a tool to adjust this can be beneficial in getting as close to a real world VR viewing experience.
Pro Freedom to use any up to spec PC components
This device is driven by any desktop PC, providing it run the Oculus SDK. This hardware agnosticism makes is positive because of the freedom it provides to both consumer and developer. No matter the PC components being used, as long as they are up to the Rifts specs, the device will work.
Pro Works natively with Windows 10
Windows 10 supports streaming of XBox One games to any Windows 10 PC. With the native Oculus support built in, this means the user can also stream XBox One games to the Rift as well. While VR will not be supported in those games due to the fact they were not made for it, you can still experience those games on the Rift screen making for a large viewing area thanks to how close the screens are to ones eyes.
Con No motion controllers (yet)
Motion controllers play a huge part in VR games and are needed for many immersive experiences. They will be released sometime in 2016, but it is not known how much they will cost. You can see the product page here, which displays functionality and aesthetics.
Con Dropped GNU/Linux and OSX support
After Facebook partnered with Microsoft, Oculus dropped support for both GNU/Linux and OSX operating systems. While they are small markets, it is sad to see a company with enough funds to support them decide that they are not worth the support at this time.
Con Limited game availability due to a proprietary store
You can only officially get software and games from their official store. This can limit competition for pricing and availability, thus artificially creating scarcity for their platform.
This is something already seen on digital stores that lock content to one platform such as Nintendo's, Sony's, and Microsoft's. Through limiting competition on where you can purchase digital goods, prices tend to never fall that much, seeing years old games that still sell at full release prices more often than one would think.
While it is still early to know for sure what route Facebook will take, keeping titles expensive for long swaths of time or allowing prices to degrade in a natural fashion due to age, their current track record for honesty in their endeavours leans more towards locked down expensive content.
Con Exclusive games for the Rift
Could be seen as a pro but this could be bad for the whole VR market because it could turn into console wars for VR, instead of a brand of monitor like it should be. Imagine Asus monitor exclusives. Timed exclusives as well as Rift platform exclusives that never leave the ecosystem leaves other players with other headsets out, something that has not been an issue for PC games (only PC games, not console to PC games obviously) before this, which is one of the major reason enjoy PC gaming.
Con Requires high end computer components
Video card requirements: nVidia GTX 970 or AMD R9 290 (or greater)
CPU: Intel i5-4590 (or greater)
RAM: 8GB (or greater)
These specs will limit the number of users that will be able to use the Rift, as a compatible computer may add to the already high $600 price tag.