Sony takes to the 2016 Games Developer Conference (GDC) to reveal the release date of the PlayStation VR-- the headset is coming out October 2016, later than the Q1 release of both the Oculus Rift and HTC Vive.
First announced back in 2014 as "Project Morpheus," the PlayStation VR has at least one advantage over the competition in not requiring a high-end PC. Instead, as the name suggests, the headset runs VR experiences using the PlayStation 4, making it a less costly proposition to customers. Also making less expensive is a price tag of €399, lower than either Rift or Vive.
Mind, on a pure technical specification basis the PlayStation VR might look less technically capable than the competition, since it pushes lower resolution images with a smaller field of view-- something even PlayStation VP Ito Masayasu admits in an interview with games site Polygon, where he states "if you just talk about the high-end quality, yes, I would admit that Oculus may have better VR."