The new Oculus, codenamed 'Crystal Cove', features a new and improved screen and a 'positional tracker' camera which makes it possible for more accurate and subtle movements.
The new display is not only an OLED panel with higher resolution, but features complex and slightly mysterious new 'low persistence' tech designed to reduce motion blur.
Check out a hands-on video with the new device above.
Unfortunately there's still no word on widespread availability. Oculus have raised more than $75 million in funding, so inevitably a public release will come in time. But the company is adamant it won't release its work to the public until the tech is good enough and the price is low enough - which could mean we spend another 12 months waiting in vain to get our hands on one for real.