I've spent a number of hours pootling around in beta with the DK2, so I thought I'd share my impressions here. Obviously direct mode isn't working yet, so there's some fiddling about needed to get it going, often takes a lot of retrying before it does but I'm frankly surprised and happy it's working at all. The black bleeding and chromatic aberration are very noticeable; there seems to be colour depth issues for me (looks lower than 32 bit, but could be something else); there's known issues with shadows etc. not rendering correctly; also have not managed to get low persistence working in Elite: Dangerous (works a treat in some of the SDK4 demos), I'm sure it will with direct mode (as long as my hardware can keep up, of course). All that stuff should improve with updates from Oculus and FD, so the major visual issue then becomes the resolution, which can make smaller distant objects hard or even impossible to make out currently - thankfully all text is very readable, at least with a little help from positional tracking.
Now, having gotten all that out of the way, let me say that despite all these issues I am flabbergastingly gobsmacked at how truly incredible this is. Apart from the config utility demo scene, Elite: Dangerous was my first proper VR experience (that's probably going to colour my experience more positively), but whilst I've been very impressed with various other demos I've seen since, nothing else comes close. Elite: Dangerous is also the most comfortable VR experience I've had, played for a few hours straight with no discomfort, whereas most other things I've tried have left me a little "off" at best (or in the case of the Cyber Space demo, ripping the Rift off my face at the speed of NOPE). I'm getting more used to the general experience the more I use the DK2 (as I had hoped), but it's great that I can use Elite: Dangerous to convince my brain to accept this weird new thing I'm doing to it.
Head tracking generally just works flawlessly, the only issues being going outside of the bounds or facing away from the camera which is obviously just a limitation of the current hardware. Simply looking around such a detailed cockpit is entertaining in itself, and being able to look around during combat and select targets by looking feels completely natural.
The stations close-up are probably the most crap-in-pants amazing thing to look at currently. The part of my brain that knows we're not really in space and this is just a game often goes quiet when approaching a station, although it pipes up again when seeing the ridiculous antics of some of the AI ships, I'm sure that will improve but it's entertaining either way.
I should also mention that my immersion has been helped by my X-55 and Subpac, both purchases that are certainly not cheap but I'm very happy with. Throttle and stick movements appear perfectly synced to the in-game avatar, button presses aren't for obvious reasons. I would like an option to disable the idle hand animations (as nice as they are) though, because they freak me out and are a little immersion breaking in VR.
Also in terms of performance, Ctrl+F doesn't (appear to) do anything in Oculus mode so not sure exactly how many frames per second I'm getting, but apart from the obvious lack of low persistence it felt silky smooth most of the time. Specs are in signature, I have all graphics settings on the highest with FXAA, reducing them doesn't get me any closer to low persistence so can't wait for more updates on that front.
I'm convinced VR is here to stay, just how widely accepted it'll be will I think depend on the price and the amount of ing around required to get it working, but if it remains somewhat niche at first that's really not a bad thing. Elite: Dangerous will be one of, if not THE killer app for Oculus when CV1 releases. I'm not sure I'm entirely ready for that day.
TL;DR - Oculus and Frontier know what they're doing, Elite: Dangerous in VR will blow minds and cripple wallets, the future is here it's just a little blurry at the moment.