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Oculus and Samsung are Working on Mobile VR

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oculus rift Samsung Video Game Coverage - 8307463680
Via Oculus VR
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From the announcement:

We're excited to announce the Samsung Gear VR Innovator Edition, a new mobile virtual reality headset using the Galaxy Note 4, created by Samsung and powered by Oculus.

Over the last 12 months, we've been collaborating with Samsung on the future of mobile virtual reality. The project actually began as an experiment to see if great VR was possible on next-generation mobile hardware. Oculus CTO John Carmack and the mobile team at Oculus were able to blow everyone away in an extremely short amount of time, quickly proving that we were on to something special.

The culmination of that work is Gear VR Innovator Edition, an add-on to the new Samsung Galaxy Note 4, using the phone's GPU/CPU to power the device and the Quad HD low-persistence 5.7 inch 1440p AMOLED screen as the display. One of the best aspects of mobile VR is the completely untethered, easy-to-use experience: you connect the Note 4 to the headset, you put it on, and you're in. That level of accessibility, combined with Oculus software to easily launch and transition between VR applications without taking the headset off, really makes the experience magical.

The device is expected to have a first run some time this year.

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