For owning a PSVR and valkyrie and a couple other games, I feel like it is a very neat thing that allows new interactions with the game (in valkyrie, there's a fighter class that shoots where you are looking, including when you turn your head 90° on a side), and allows a better immersion for some games (look up Until Dawn: Rush of Blood), but you need to tailor the game for it. On the graphics side, it is really lacking. Valkyrie on PS4 (regular, day one version) looks like a mediocre PS3 game running at 480p on your living room 40" TV.
Tl;Dr really good new interactions, can feel good if you use some visual tricks, but doesn't look nearly as good as a regular console game. "console" used in a pejorative way.