Oculus Quest
VR gaming is pretty much there.
History
The first halfway decent 3D game I saw was Magic Carpet. It used stereogram dots, where you uncross your eyes to see 3D. It wasn't totally satisfying, but it showed what could be done. I am surprised that it has taken 25 years for good 3D games to be available.
Quest 2
The Oculus Quest 2 is a standalone wireless headset with two wireless controllers. It can run independently of any other device, or it can be used as a dumb headset to play PC games in 3D. There are a lot of mediocre games available, but there are some really amazing experiences out there.
Games
I'm still pretty new to it, but here are the good games I've played.
Beatsaber: This is at least half of the reason I wanted an Oculus. It's a simple rhythm game, but you get to swing your controllers like lightsabers and occasionally dodge obstacles flying at you. Very satisfying.
The Room: I liked the PC editions in this series, so getting it for Oculus was a no brainer. This was amazing, at least to me as a new Oculus owner. The puzzles are less intricate and perhaps easier than PC versions, but the immersion is fantastic.
Red Matter: Suggested to me because I liked The Room. Very immersive, simpler puzzles.
Bigscreen: A strangely satisfying social app to watch movies. For watching movies by yourself, this likely won't replace the convenience of a TV, although it gives you a large screen in a portable format. Someone else using the TV? Want a big screen while lying in bed? Put on the headset. Where Bigscreen really shines is for watching movies with other people. Want to see a movie with a friend in another city? Easy. You have avatars to see each other and the voice chat works well. Also, you can join a large theater with strangers to recreate the movie-going experience during quarantine.
PC Games
I've downloaded a few crappy PC games to try. After some annoying configuration, it all worked well. The only "good" game I've played is Star Wars Squadrons. If you are the kind of person to buy a $100 joystick to shoot down TIE fighters, you will love shooting down TIEs in 3D.
I was hoping to play Skyrim and Fallout 4 in VR, but they are separate applications that command full price. I've played both of them to death so I doubt I'll buy the VR version.
Price
The price is reasonable for anyone thinking of purchasing a game system. I hope that Oculus will compete well with Playstation and Nintendo.
Negatives
The biggest negative is that Oculus is owned by Facebook and they require you link your Facebook account. It might be possible to create a dummy Facebook account, but I have heard tales of dummy accounts being deleted and people losing all of their Oculus software. The Oculus has a camera and microphone, and I would not be surprised if Facebook used them for their own nefarious purposes.
The Oculus Quest 2 is mostly consumer friendly, but it still has quirks. The head strap, face plate, and lens holders aren't perfect although there are aftermarket solutions. The lenses are easy to scratch and they don't offer replacements. If you wear glasses, they don't do vision correction in software so you need your own lens. The provides solutions are annoying (wear contacts or use the headset extender to give more room for glasses). There are aftermarket solutions which work pretty well, but now you are getting into the realm of hobbyist.
Should You Buy It?
I'm just gonna go ahead and say yes. The Quest 2 surprised me with how well it works. For value, think of it like a console with an upfront cost and $15-$30 games, most of which are pretty short.