Is there a better alternative?

Yes, the HTC Vive. It offers a similar library of games and superior motion controllers that can be used in larger spaces, though it can also be used while sitting. You can also consider the Vive Pro, which is far more expensive, but offers higher-resolution displays and a more comfortable fit.

　　In addition, the Oculus Go is a stand-alone headset that comes in cheaper than the Rift. Although it’s not quite as immersive as the Rift, it has everything you need right in the headset and doesn’t require a gaming PC.

　　

How long will it last?

Oculus’ current strategy appears to be more mid-range focused with prototypes like the Oculus Santa Cruz, so it may be some time until we see a true Rift 2.0. That should mean that the Rift remains relevant for some time, but if you want a more advanced piece of hardware, the Vive Pro is arguably the most impressive commercial VR headset available today.

　　The Oculus Rift ships with the usual one-year warranty, which is the same as every other VR headset so far.

　　

Should you buy it?

No. We still like the Vive better. You might find it’s worth an extra $100 if you’re interested in full room-scale VR experiences. We prefer the Vive’s software support and find its motion controllers more reliable. That said, the $500 Vive is more expensive, and the Rift works as a budget alternative.

　　You should buy the Rift if you want a decent VR experience now — and at a reasonable price. The Rift has limitations that hold back the experience, but the recent price cut makes it a more palatable purchase. For just $400, you get the VR headset, the controllers, a couple of external sensors, and a handful of VR games.