Morpheus is a visor style head-mounted display that works with the PlayStation Camera to deliver a virtual reality experience. Inertial sensors are built into the head mount unit and the Camera, which the headset requires to work, tracks head orientation and movement so as the player's head rotates the image of the virtual world rotates in real-time.

It's intriguing, but it's currently a prototype with no set price, no release date and no final specifications. Project Morpheus as it's being called (bad name), is seemingly far off and Sony will have to aggressively push this project forward if they want to parlay this reveal into anything that gamers will care about.

The big questions going forward will be:

How much will it cost?
How well does it work?
Will there be any software support?

I think there's an exciting opportunity here, but it will require delivering on the sort of things that video game peripherals rarely do.