If you already have a PS4, and don’t already have a VR headset, then yes, the PSVR is definitely worth buying. There are plenty of quality (and exclusive) games to entertain you for dozens of dozens of hours. If you want to get into VR, then the PSVR is a great place to start.
However, the PSVR is not without its issues.
First of all, the PSVR uses visible light to track the headset and controller(s), which requires more room adjusting than any other VR headset. Don’t worry, thought, as all you have to ensure is that there are no light sources within the camera’s field of view. On top of that, you should keep in mind that the quality of tracking increases in a dark room, as the camera is able to more easily distinguish the LEDs on the headset and controllers.
Secondly, the PSVR only has a PS4 powering it. While the headset does have a 120 Hz display, it is highly unlikely that a PS4 will be able to output 2 120 Hz images at the same time. The PS4 Pro might assist in getting higher framerates, but since I don’t own a PS4 Pro, I can’t confirm whether this is true.
Thirdly, the PSVR only has a 1920 x 1080 display. On a TV, 1080p is good enough to allow you to see everything. However, in a VR headset, where the screen is only about 6 cm (3 inches) from your eyes, 1080p is far behind the competition. Despite this, there is a screen diffuser within the headset, which helps to reduce the dreaded Screen Door Effect (this is when you are able to see the gaps between pixels). In summary, while the image may appear blurry, the inability to distinguish individual pixels greatly aids in immersion.
Lastly, the tracking is unfortunately prone to multiple issues If you aren’t at the recommended 5 – 7 feet from the camera. Sitting about 8 feet from my camera, I will eventually encounter an issue best described as drifting, wherein the camera’s understanding of the direction of the X and Z plane rotates over time, which means that leaning left will also make you lean forward a bit as well. Also, because the PSVR only uses a webcam for positional tracking, you won’t be able to get the roomscale experience advertised on other headsets.
In summary, yes the PSVR is definitely worth it, if you already have a PS4 and are wiling to put up with tracking problems. However, if you don’t already have a PS4, and you have a gaming PC, you would be far better off getting the Oculus Rift S, as it has a wider range of content available (through Steam and Oculus), has a higher resolution, better tracking, better controllers, out-of-the-box roomscale tracking, and is just a better option overall. However, if you don’t have a PS4 or a gaming PC, then the Oculus Quest is your best bet. It is the the first standalone VR headset, offering affordable, wireless VR to anyone, with no need to be tethered to a computer of any sort.