The Oculus Rift is a virtual reality (VR) headset designed specifically for video games.There are a number of VR headsets out there, but none that offer wide field of view, high resolution display, and ultra-low latency head tracking at an affordable price. Most products sit at a very high price-point ($20,000+) reserved for the military or scientific community.
According to the information on Kickstarter, The VR set and the dev kit will be available to developers by December 2012 for $300. It comes with Doom III BFG Edition and is endorsed by some of the biggest names in the gaming industry:
John Carmack, id Software
Cliff Bleszinski, Design Director Epic Games
Gabe Newell, President of Valve