You still have to have a way of seeing your controls at some time otherwise it can never be taken seriously in a racing sim environment IMO. Augmented reality is the obvious way forward I would have thought.
What exactly do you need to see?
I spent a couple days (really about 2-3 hours actual time) learning all my buttons by feel in preparation for the Rift, and I'm now able to get exactly the button I want by feel 100% of the time on the wheel, and 99% of the time on my DSD side panels (I messed up once and hit one button to the right of what I wanted so I can't claim 100%).
I've got a CSW with the GT and Formula wheel rims and I can get all 12 buttons on each wheel without a problem. Then I've got the DSD side panels which attach to the wheel and provide another 30 buttons (49 functions).
If I can memorize 42 buttons by feel with my eyes closed, anyone can. I'm not special, I spent only a few hours and I memorized each button, you can too.
I can also reach my DSD shifter every single time by feel.
It's really easy.
Saying that triple screens with TrackIR will provide a better experience than the Oculus Rift is ignorant.
It will provide more field of view, but you'll still be staring at bezeled screens and TrackIR is still awkward due to the screens not moving with your head.
The Oculus Rift will provide somewhere around 100-110 FOV and you will be put inside of a virtual cockpit in true 3D with head tracking. The immersion factor of this alone is something that a traditional triple screen setup will never be able to provide. The only alternative would be something like a large triple projection display (which I have had) that provides 180 degree FOV and has the outside world completely blocked out, something like that crazy expensive TL1 simulator. But even that won't provide the same immersion level as the Rift.
The only thing we will absolutely lose by using the Oculus Rift is the ability to use external monitoring displays like sim-dashes, SLI's, etc. But with the high vertical FOV that the Rift provides, you'll be able to see all of your gauges in the car anyways. Besides, all that extra monitoring crap isn't realistic anyways, the drivers don't have that in their cars during a race, they study their telemetry with their engineer after the race.
If you are Ray Alfalla, Greger Huttu, or some other professional sim racer, you probably aren't going to want to use the Oculus Rift until it's perfected. But for those of us looking for the greatest immersion possible, the Rift will provide it better than almost any three screen setup out there.
A friend of mine built a DIY head mounted display and I have to say, even without head tracking, it is by far the most immersive gaming experience I've had. We tried a Half Life 2 mod and then just viewed some simple stereoscopic 3D images of an iRacing screenshot and it was incredible how immersive it was, and that was just a static screenshot. Being put "into" the game is something you have to experience yourself to really understand what I'm talking about.