I own an Oculus Rift. When the hands ship, I'll own them too. I almost bought a Vive, but decided to be patient as they are, to me, essentially the same. Also, the available space I'd have to devote to Room Scale would be minimal, something I did need to consider. I have no dog in the politics of either device, and think people who do have too much free time.
First, if you haven't tried it, it changes your criteria, trust me. There is before VR and after VR, and I don't mean one is better or worse, I mean VR vs. 2D is like comparing Apples and Fuscia....they are inherently different experiences. You will duck, flinch, move, and generally be mouth-agape until you start to realize you're getting awfully warm and you're about to Vomit. Don't feel bad, it happens to everyone. Right now, the games are somewhere between Indie and High Quality Mobile in average quality, with some notable exceptions, but again...I have to stress it's not the graphics, its the experience, the feeling of being 'there' and your body unconsciously reacting to perceived changes in that environment......you people in Denver, woah momma...
Anyways, there aren't many (any?) traditional FPS's (the ones that arrive won't be Call of Duty, either), you're seeing a lot of 'shooting gallery' type games on the Vive, as expected and they are fun as arcade games, but AAA titles are just really starting to trickle out with patched-or-hacked in VR support (on either system). Hands still seem to be best used in some disturbingly work-related offerings (learn to drive a big rig, assemble food in a kitchen, cut hair, stock shelves.....probably....) or dodge-shooters. On the Oculus, we gots bupkis...the hands aren't out yet. We can look around 360 though, and move around about a 10x10 space, so we got that going for us.
Reality Check: You need the top of the line stuff to drive it. No joke, new video card comes out? You want it. Don't overclock your CPU? Get on that. Frames need to be maintained at 90fps for two separate 1080x1200 screens, plus motion-tracking overhead. I will be brutally honest: 980Ti as your bare minimum, but today I think that would really be a 1070. You also want a HOTAS for the flying games, and a Steering Wheel for the driving games. You ever play Guitar Hero on gamepad? Moving on...so there's a few more hundred gone away. And, you need someplace to pile that junk up. Really, keep this in mind, especially if you go Vive, you need space, more than you think.
Would I recommend it? Absolutely, if you fancy yourself a god-tier tech lord like I'm sure everyone here does
It's just really, really new and different and for that sensation alone I found it worth the (admittedly high, but not compared to most things discussed here at AVS) cost of admission. It's also gen-one consumer grade stuff, you WILL see screen-door if you look for it (Games, to me, look sort of like 480p games did on HD sets a few years ago, which is why I compare some of them to mobile games), while some games like Adrift look very, very high rez and sharp, with lots of small details on screen....its in how much distance they allow you to see I think, playing to the strengths of the headsets out today..remember, gen 1, developers are still figuring out what looks good, what doesn't work.
I use mine occasionally, and I haven't finished any of my games in vR...most I'd say I've demoed, messed around in, and then go back to 2D for regular gaming. When fallout 4 is officially in VR, I'll try it. And so on and so on. But for me anyways, I don't live in VR and I play most of my games in stints of 20 or 40 minutes. I like the space sims, but Elite is a game I haven't even set myself up in yet and Eve Valkyrie is, frankly, a little to intense once I'm barrel-rolling and such, the most fun I have is either in the cockpit of a car in or in the cockpit of a lunar lander or pod or jetpack or something like that, but there are other creative games out there that are about rock climbing and...uh.....well....like I said, the software is still in year 1 and if you don't mind running Vorpx you can put VR in a whole lot of PC games.
I suspect the Sony release is going to give us an idea of how willing people are to embrace VR (I'm thinking...a lot), but also....with the troubles we're having in the states, the economy and the election and the general unrest, that tends to keep people at home...and their money in their mattresses....so this might be just a really craptacular year to debut new hardware, I guess we'll find out soon enough. Either way, VR isn't going anywhere.
Also important: If you wear glasses, and they are larger or wider frames (like rectangular ones), you may have a PITA with the Rift and the Vive, flex-frame rimless glasses that have no weight fare poorly (in my experience).