Here's a basic breakdown:
Gear VR - the good:
- Decent resolution
- good shop experience
- good head tracking
- controls built onto the side of the headset are nice for portability
The not-so-good:
- Can be a little laggy at times
- No head position tracking / leaning
- Apps are more simplified due to limited rendering / processing power of phones
Is it worth what they are charging? Yes and no. If you already have a Samsung phone (or can get one on contract as part of your mobile plan) then it is 100% worth it. It is way better than Google Cardboard and the best way, currently, to experience VR relatively cheaply. It's also pretty fun when hooked up to a Bluetooth controller - for the few apps that support it.
Is it something you'll still be using in 2-3 years? Nah, probably not. But at just over $100 it's pretty great.