Just generic marketing hype.
It's funny how they talk about their massive resolution, when it's still smaller than the oculus and vive resolutions.
Honestly I'm super sceptical about the morpheus. I just don't think the PS4 will have the horsepower to render anything decent at 120FPS. Most games already struggle to render 1080 at 60FPS. To get it to 120FPS the graphics will have to be super gimped.
Let's also think about the additional peripherals you will need to buy. The ps4 camera, 2x move controls, and then the headset itself. Unless they have some decent bundles, that shit is gonna be expensive.
The only real VR options in my opinion will be either the Oculus or Vive. Having said that, I won't be buying either until I've seen them in action.