I was really looking forward to what was being shown as the 2.0, (i.e. 140degree field of view and 4k panels). I'm not so sure how well the mechanical lens focusing would have worked and I could see it being a major point of failure for device longevity. But the field of view and resolution are easily the two areas that need an upgrade.
Resolution is going to be rough still until we have computer graphics cards which can handle 4k panels for each eye (it isn't as bad computationally as actually having two 4k monitors, but we still do not have cards which can run with all the eye candy turned on at 4k resolutions consistently over 60fps for all games, let alone the 90-150 fps needed to prevent motion sickness from your eyes being out of sync of your head movements due to screen lag (sensor lag is also an issue, but I believe that has actual fixes we will see in the next year or so, whereas graphics are 2-3 years away).