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Sony have been working on VR since the 90's but Morpheus in particular from 2009/2010. Oculus dev time comes from around 2012.Oculus has had a lot more development time compared to Morpheus.
Sony have consistently offered a more consumer looking product than oculus.
Due to it being fixed hardware bound it will also benefit developers making games reliable in quality and performance, with the minimum being 120fps on the PS4 for every single Morpheus game. Which is great news for all PS4 games even without VR headsets, the frame rate for VR supported games will get extremely optimised. Such as Project cars, which have said they will support VR, so expect a 120fps version of project cars and GT7 in 2016.