I'm guessing you're unaware that Sony already have 3D viewing headsets available at un-Godly prices. They don't have head-tracking, but in a world of Sony Eye and Kinnect that's hardly a stretch. Occulus Rift, like most technology, builds upon previous products, it didn't just happen in isolation.
In answer to some other questions people have raised - the Morpheus has a separate box handling the heavy processing, apparently, which is why the headset looks so svelte. And splitting a 1080p screen will theoretically give you something like a 4:3 view for each eye, and this is what the Occusul Rift does as well, but so long as it's filling the majority of your view it shouldn't matter. I'm sure in time they'll be splitting the equivalent of a 4k screen - a resolution that actually makes sense when you have it that close to your face.