Long rumoured, now at least at dev kit stage.
Like the Oculus, Sony's Morpheus project has been a long time coming as well; the company said it has worked on facets of the system for three years. Although the Oculus Rift is already in the hands of beta testers, Sony may have the upper hand in getting its HMD to market first as the company holds substantial sway in the gaming industry. To that end, Sony has already enlisted the help of big-name game devs like Epic and Crytek to work on pilot products that explore Morpheus' capabilities.
I'm still unconvinced. It feels to me like dedicated gaming devices are content to become more specialist and more niche. No matter how light and responsive this kit gets I just can't see it appealing to a mass audience. Nothing wrong with that, and it doesn't mean it can't be a success in certain markets, but it most likely won't grow the current audience for games consoles.
On another note, I notice Appleinsider has this all wrong:
There have been VR analogs in the past, including Nintendo's ill-fated Virtual Boy accessory for the original Game Boy, but a truly responsive HMD with serious developer support has yet to hit market.
I have a Virtual Boy, and it definitely wasn't an accessory but a standalone platform with its own (limited) range of games. Maybe an accessory for the already-huge GameBoy platform would have been a better idea.