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Confirmed features:

1080p display
1000Hz motion detection
Only one headset at a time is supported
Headset is currently connected to the PS4 by a 5-meter wire
Positional/rotational head tracking
Tracking is handled by the same camera that tracks PS4 Move controllers
It works for people with glasses
Content pushed to the Morpheus can be mirrored to a TV, but it sounds like it can handle asymmetric gameplay (different things on each screen) as well.
An “Open air” design prevents the lenses from fogging up. (It’ll be interesting to see how they prevent light leaking in)

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I think this looks awesome! I hope it comes out for general release soon!

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They now showed a video of how ir works (keep in mind that they're showing a prototype)

Great way to become blind by a 100" TV straight into your eyes!

Looks crap

So cool!

Great