Just bought a vive. Runnning a gtx 780 3gb and for MOST games it actually works just fine. I can run warthunder VR with headset and it's absolutely incredible. The tank play is a bit too much as the stuttering makes me nauseous and I generally have a stomach like steel. Never been carsick, airsick, motion sick but the stuttering did it for me when playing with tanks. Keep in mind the vive does have a feature called "reprojection" that downscales the graphics a bit to prevent stuttering. However, in tanks it downscales things so much that it looks like an nintendo 64 game. This is the ONLY game I've really experienced a significant issue with. DCS world works fine and the cockpit modeling is insane.
If you want a really fun game Arizona Sunshine is also crazy fun. It's a zombie wave based game but the weapon handling is a blast. You can shoot arms, limbs, heads off... all sorts of good stuff. First time I got it I practically killed myself running into the wall trying to get away from the encroaching horde.
And if there are "other" forms of entertainment I've sampled that are quite well done.
I probably won't upgrade my graphics card as my setup can handle it just fine. IMO you won't be disappointed with this generation but it's not "perfect". The sharpness of the graphics is not desktop display quality but it's still very engrossing. It was worth the cash for me but if you aren't super into gaming and stuff you can probably wait for gen 2. Granted you're going to need a killer setup more than likely but if the headset runs 4k the graphics will be insane.
Like anything you can always wait for a better model but I'd buy it again in hindsight. HTC pulled it off incredibly well.