Track IR is actually quite good at what it does, and I never noticed any lag. However, very few games outside of racing or flight sims supported it, which is why so few have heard of it. For me personally it was a pain to calibrate. Hard to describe to someone who hasn't used it, but getting it set-up and then recalibrating for every different game was something of a chore. Plus, sitting in a room with a funny blinking hat just struck me as too much.
Quite cool however! If you need something to play with before Oculus I'd reccomend Track IR and FreeTrack. Both offer some really awesome immersion for flight sims.
Going back to the Oculus, I've looked at it a bit more, and it does seem to be more then I'd given it credit for.
However, I wear glasses, and I havn't seen that addressed in any way, shape, or form. :\