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This looks really cool because it will be wireless, affordable, and built from the ground up to be a VR device.
Sure, the advantage is you don't have to connect it to a PC.

But it has to have all the components of a smartphone incorporated (except cell connectivity), plus they'll be lower volume, so I can't see it being any cheaper than a Vive or Rift.

I'd much rather they release the additional sensors to enable good head/position-tracking as a package for ~$100, I'd jump at that.

(FWIW I got a VR port of Quake running on my iPhone 7 + Cardboard clone headset the other day... instant motion-sickness...)