Every review I've read and every video I've seen on it says the same thing. The field of view is like being in the game and the latency is low enough to make it worthwhile, but the picture is still blurry and low resolution. However, those are supposedly issues that can be fixed within the next couple of years when it goes from prototype to commercial product. They're starting with getting the field of view and latency issues right, and then working up to higher resolutions.
One reviewer commented that the entire gaming industry is focused on distracting gamers from actually playing games. They're providing second screens on tablets and the ability to stream movies or adding a few extra bells and whistles, but not on making games fundamentally more fun to play. This holds the promise of making even 3 or more monitors look outdated in one cheap package. Carmack has suggested the whole system could eventually become portable and you could play paintball against real opponents. That's the dream people have held out for with VR and I have no doubt the technology to make it happen either already exists or will very soon.