Verge article says it has been developed in collaboration with Valve.
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I think it looks pretty promising, btw does the press conference video have some kind of audio problems for anyone else?
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So HTC announced a VR HMD that will be supported by Valve's SteamVR platform
Image
The Visuals:
A 1,200 by 1,080 pixel screen in front of each eye, with refresh rates of a blistering 90 frames per second, displays photorealistic imagery that fills your field of vision in all directions, eliminating the jitter common to previous VR technologies and transporting you to another world.
The Audio:
Plug your favorite set of headphones into a jack located on the side of the Developer Edition headset.
Tracking and Room Scale:
A gyrosensor, accelerometer, and laser position sensor combine to precisely track the rotation of your head on both axes to an accuracy of 1/10th of a degree, allowing you to look around the virtual environment naturally. Couple the headset with a pair of Steam VR base stations to track your physical location (in spaces up to 15 feet by 15 feet) – get up and walk around inisde the virtual world!
Custom and Game Controller:
Ergonomic VR game controllers in each hand allow you to use virtual objects and interact with the virtual world. The position of each controller is tracked in space, allowing developers to simulate a wide range of activities and interactions. [/QUOTE]
http://www.htcvr.com
HTC announcement at their press conference
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