Shown in a video during Oculus Connect, Oculus has a all-in-one VR device code named Santa Cruz. It's going to be more powerful than say a GearVR, but won't offer the performance of a Rift.
The neat thing about it is that it has inside out tracking. While the Rift uses external sensors to keep track of the user, Santa Cruz has an internal camera that's utilized for tracking purposes. They still have a ways to go, but the current iteration is accurate within a millimeter.
Inside out tracking could be a big thing that makes its way into other products if it's reliable enough, and John Carmack is one that I've read that's been working on this problem.
Santa Cruz has a long ways to go, but it's exciting to see what Oculus is working on next.
