PS VR has a UK price of £349 and a UK release date of October 13th.
Arguably being touted as the gadget that will bring virtual reality into the mainstream PS VR has been designed with simplicity in mind requiring only a PlayStation 4 console and the £40 PlayStation Camera.
In comparison, HTC's Vive headset will cost £689 while Oculus Rift is expected to cost between £400-500.
Both headsets will also require powerful gaming PCs with the cost of those easily falling into the bracket of £700-2000.
Of course you will get what you pay for, both the Vive and Oculus Rift will be able to run games with with significantly more advanced graphics.
While PlayStation VR won't be able to compete graphically, Sony is promising that its headset can show games at 120fps, allowing for gameplay that'll be smoother and more lifelike.
Games like Rigs Mechanized Combat League (seen above) will arrive on launch, allowing gamers to experience a new immersive form of gameplay that combines the traditional controller with a new 360-degree field of view.
To help ease the huge graphical requirements of a virtual reality game the PS VR will also come with a dedicated processing unit.
How does virtual reality actually work?
Virtual reality is a headset which when worn allows a person to look around a virtual environment in 360-degrees.
Headsets contain sensors which track a person's head position, which in turn enables the feeling that you're actually looking around inside a virtual world.
There are a number of different ways you can experience virtual reality from watching 360-degree videos on YouTube to playing video games.
Some virtual reality headsets like PlayStation VR and HTC Vive allow you to then use controllers as 'hands' which let you physically interact with objects inside the world.
Here are the best games launching on PlayStation VR:
Robinson: The Journey
Batman: Arkham VR
Resident Evil 7: Biohazard
Star Trek: Bridge Crew
Star Wars Battlefront: X Wing VR Mission