Originally announced as Project Morpheus, the VR headset was previously expected to launch in the first half of 2016 so this October launch constitutes a few months delay. The headset has a 5.7″, 120 Hz OLED display with a 100-degree field of view, running at 1920 x 1080 resolution (960 x 1080 per eye). This is somewhat lower than the 2160 x 1200 resolution the HTC Vive and Oculus Rift sport but it does have a higher refresh rate.
Even at $500, the PlayStation VR has a lower cost of entry compared to the $599 for the Oculus Rift and $799 for HTC Vive. The requirements to run the PC based solutions also cost more, with the graphics card required like the R9 390/GTX 970 costing nearly as much as the PS4 alone. The PC solutions will probably have better graphics fidelity, though.
Finally, Sony revealed that 230 developers are already lined up and working on content for the PlayStation VR. For what it’s worth, Sony also revealed that they have sold 36 million PS4s to date.