I'd had thought that if you have 60 frames per sec on ultra detail, for example, then using vr might leave you with 30. But if you stop your quality to low, you'd probably get that sixty back.
I wouldn't lend too much credence to gfx card manufacturers claims of amazing improvements with their next generation. They always say that, and very seldom is it true. I wouldn't wait just for the performance hike, but the cut in price for the older cards might be worth it. That said, though, occasionally they do make major leaps. It's just hard to sort the gamechanging innovation from the hyperbole and marketing spin.
It's not that bad to be honest, it's nothing like halving your framerate. Bear in mind, it isn't rendering two screens, just two views. The actual screen size is on par with a single monitor. The catch is that it's way more important to keep your framerate high because as soon as you lose low persistence, it's very noticeable and much more likely to induce nausea.
I think there's a bit more substance to the claims on this iteration, particularly with regard to the memory. But either way, with VR SLI a pair of discounted 9 series cards could also be a great choice.