The device will be unveiled at E3 2016 and will very likely go on sale before the holiday season 2016 (highly unlikely) or early 2017.
Sony has moved to a full 120Hz OLED panel, and we can assume that the PS4 is outputting 1080p 120 on 'native' refresh software.
It could well be a game changer
The VR headset will be the first tied to a video-game console.
Sony PlayStation VR is a virtual reality (VR) headset, made by Sony, for its PlayStation 4 console. In case you were wondering.
Until September 15 2015, PlayStation VR was called Project Morpheus, which sounds more mysterious and fun, but is less descriptive and a bit harder to spell. The change of name did not bring with it any material change to the device.