The Breakdown

Growing selection of VR racing games, including: DriveClub, soon DiRT Rally. Gran Turismo in the future. No info about Assetto Corsa VR and Project CARS VR, though. PSVR is less expensive than Oculus Rift and HTC Vive. Requires a PS4 to work and many games need PS Camera, and Move motion controllers. Visual quality is good enough when playing AAA VR games.
Racing games availability 6.6
Visuals 9.0
Comfort 8.5
Hardware requirements 9.0
Price 9.0
Pros
Less expensive than Oculus Rift and HTC Vive, but provides much better VR experience than Gear VR or Google Cardboard. Easy to setup. Strong developer support. Good quality. Comfortable, even works with glasses.
Cons
Lower resolution than HTC Vive or Oculus Rift. Also smaller FOV (field of view). PS4 camera not included. Needs a PS4. Gap beneath the headset.

The 920xRGBx1080 OLED display can run 1080p games at 90Hz or 120Hz, depending on the game. It also has a very impressive 18ms response rate, which is faster than the highest acceptable latency by 0.002ms.