The reason I bring this up is because I recently had the chance to see a game (don't even recall the name of the game) using a VR system like the Oculus Rift but this one works with a smart phone. There is an app that connects your smart phone with a controller that is a lot like a typical Playstation or Xbox controller. Then, you place your smart phone into the device so in effect you are looking at the phones screen close up and there is an adjustment for focus on the device. It's kind of bulky though and the focus is not that great because if you look the the edges it tends to be a bit out of focus. They do recommend contacts if you wear glasses.
The device you are talking about is called the Gear VR and is also made by Oculus. It is fairly primitive technology yet, since it largely is based on the three years of research that have gone into making the Oculus Rift itself, but a good indication of what is possible. It looks a bit odd though, as you put your smart phone into the front of the device, leading people to ask why you are wearing your phone on your forehead.
I have not tried the newest iteration of the Oculus Rift itself, but have been allowed to play briefly with the DK2 version, long enough to try a flight sim and a few hallways in Amnesia, a game unfortunately well suited for the Oculus Rift (a horror game where you navigate dark hallways; not exactly my usual style). I found no issues with movement lag or dizziness, and by what I have been reading, the latest version of the OR (called Crescent Bay) has virtually solved any signal lag by separating its drivers from windows completely (which means the OR does not show up as a device in the windows control panel, as it installs its drivers at boot up). I will note that I tried the device before my surgery, so I am uncertain how it will react with my artificial eyes. I have no issues with resolution on any other device though, outside of fluorescent lights, so I do not expect an real problem with the OR.
The commercial OR is supposed to be out February or early March next year and I am most certainly tempted to pick it up, as there are so many third party people working on porting existing games to it, I am certain I will be able to play the games I enjoy on it within the year.