Wound up pulling the trigger on one last week, and I've had a great time with it so far compared to my PSVR setup. Being able to just put it on and go is an absolute game changer, and simply being able to stand still without the subtle but ever-present drift/wobble of the PSVR tracking makes the entire experience significantly more comfortable. The limited horsepower is evident, as many experiences look even more simplistic than the already limited-feeling PSVR games, but the sheer convenience of it is enough to make up for it. I've used it every day since getting it, which is way more often than I ever used my PSVR.
The only thing that I'm a little let down by is the controller tracking. In most situations it's great, infinitely better than the Move tracking, but then I put my hand too far to my side or behind my back and I'm again hit with that old familiar feeling of "oh, right, I can't move quite everywhere." In most games it hasn't been a problem, but in some hectic action games like Superhot and Robo Recall I've had moments where I glance behind myself and try to blind fire over my shoulder and wind up losing tracking for a moment. It's a shame there's no option to sync up a lighthouse or whatever to fill in more tracking space. But still, it's a minor thing, and the overall tracking is a staggering improvement over the PSVR.
Excited to see where things go with this. I'm going to try hooking up ALVR tonight; if that's actually as good as people make it out to be I'm going to be absolutely damn delighted.
Hours-later edit: The only other annoyance I've had with this is lighting. I'm not sure if it's the level of light or the proximity to the light source, but in rooms with completely average amounts of artificial light I'm occasionally getting PSVR-style random hand teleportation even with my controllers clearly in view of the headset. Not sure what's up.