This looks good in terms of bringing VR hardware forward, but the square form factor is rather baffling. The human field of vision, even per eye, is nowhere close to square. 2:1 would be more accurate. As such, you'd either be limiting horizontal field of view severely (which hurts immersion and realism) or wasting processing power on invisible vertical pixels.
Also, I'd argue that neither hardware nor content are the biggest hurdles facing VR. Rather, I would say interaction is by far the biggest hurdle - while motion controllers with accurate tracking allow for a certain level of realistic interaction, they're clunky and odd, today require external trackers, and we are still nowhere near actually achieving any kind of passable movement in VR. Without (non-vomit inducing) movement, you'll never have more immersive content than the "experiences" of today, and requiring huge empty spaces or some sort of treadmill for this is simply not realistic in terms of adoption.
So, what do we need for great VR? Small goggles? Sure. Why not. Good content? Absolutely. But the former won't help unless you have something to do, and the latter won't happen until we can actually meaningfully interact with the content. Inside-out 6dof tracking is a start, but ultimately we need controller-less walking controls without actually walking physically, while avoiding nausea. Otherwise, VR will never live up to its potential.