According to that rumour that headset is a competitor to Daydream or Gear VR, not the Rift or Vive. (IOW it doesn't have 6DOF positioning). So it'd be good for passive consumption but not so great for games or content creation.
I assume this is the Santa Cruz headset? The big thing with that one is it's standalone -- my guess is that it includes electronics similar to a smartphone.
My question is whether I'll be able to connect this new, cheaper (better?) headset to my PC for gaming or whether it can only be used standalone. Given the PC specs required for current VR games, I can't see how a system builtin to the headset could provide a comparable experience.