There's basically four big VR systems that are either out or coming out:
Gear VR: for your phone, not a direct competitor to the Rift. It's out and pretty good for what it is.
PSVR: For the PS4, not a direct competitor to the Rift. It's not out yet. I expect it to be good, but without a community of people developing and porting content to it I don't know how much content there will be for it.
HTC/Valve's VIVE: For the PC. A direct competitor to the Rift. In terms of functionality it is almost identical to the Rift. The biggest difference is they are targeting standing/walking experiences, but can also do seated experiences. It's out sometime this year (probably summer).
Oculus Rift Consumer Version 1 (What is going for sale tomorrow).
If you only want to deal with one system my recommendation is to wait until the VIVE releases. I think the Rift will be better for me due to more content and community support, but if you really like standing/walking experiences the VIVE may be better for you.
Gear VR: for your phone, not a direct competitor to the Rift. It's out and pretty good for what it is.
PSVR: For the PS4, not a direct competitor to the Rift. It's not out yet. I expect it to be good, but without a community of people developing and porting content to it I don't know how much content there will be for it.
HTC/Valve's VIVE: For the PC. A direct competitor to the Rift. In terms of functionality it is almost identical to the Rift. The biggest difference is they are targeting standing/walking experiences, but can also do seated experiences. It's out sometime this year (probably summer).
Oculus Rift Consumer Version 1 (What is going for sale tomorrow).
If you only want to deal with one system my recommendation is to wait until the VIVE releases. I think the Rift will be better for me due to more content and community support, but if you really like standing/walking experiences the VIVE may be better for you.