According to an interview with the Sony Computer Entertainment boss Shuhei Yoshida in The Wall Street Journal, Sony's upcoming VR unit, Project Morpheus, is about 85% complete.
Yoshida also says that they are keeping the costs down by using a lot of regular smartphone components (something they have plenty of thanks to their pre-existing interest in this particular market).
Project Morpheus' main competitor will be the Facebook-owned Oculus Rift, which seems to be priced somewhere between $200 and $400. The launch for both units is rumoured to be coming sometime next year.
Thanks VG247