As expected, Oculus Go is a self-contained headset that doesn't require a physical connection to a smartphone or PC. And more importantly, it's wireless, so you don't have to worry about tripping over cables when the action starts heating up in your VR games.
Given its wireless nature, don't expect the Oculus Go to provide the same type of immersive experiences that you would get with a [tethered] Oculus Rift and a high-end gaming PC. It is instead aimed at the mobile VR market, is compatible with current Samsung Gear VR titles, and will use the same control setup seen in those apps. The Oculus Go also lacks position tracking for the headset and controllers. Instead, you will simply receive head-tracking, which is also reminiscent of the Gear VR.
On the other hand, Oculus Go does include a 2560x1440 display (which is slightly better than the Oculus Rift's 2160x1200 display) and ships with integrated spatial audio courtesy of speakers that are built in to the headset. While you probably should expect much from these speakers, there is an integrated 3.5mm audio jack for you to hook up your own cans.
The Oculus Go will launch early next year priced at $199.
Looking further out into the future, Oculus is also talking up Project Santa Cruz. While still in the prototype phase, Santa Cruz represents the next generation of the Oculus Rift, and comes in a standalone wireless form-factor. Santa Cruz supports inside-out tracking and includes four ultra-wide sensors that are capable of tracking your hand movements.
Santa Cruz is expected to debut in late 2018 at the earliest.