It's been more than a year since Sony first announced its leap into the VR headset market with the GDC 2014 unveiling of Project Morpheus . Since then, there's been a new Oculus development kit (and a new behind-closed-doors prototype ), a commercial release for the Oculus-powered Gear VR , and the recent announcement of the Valve/HTC-powered "Re Vive" headset . So today, Sony is holding an "intimate event" to update the press and the public on where the Morpheus effort stands in the quickly changing VR world.

Sony is holding the event details close to its chest, but we wouldn't be shocked if the PlayStation maker is ready to give official name, pricing, and/or release date details at the event. A few big name first-party game announcements or third-party game announcements would also go a long way toward convincing skeptics that their PlayStation 4 needs a pair of LCD goggles attached. Given how quickly LCD display and head-tracking technology is advancing, we'd also expect that the headset might now have more impressive specs than what we saw a year ago.

We're expecting roughly an hour of announcements starting at 3pm Pacific time, followed by some hands-on time with whatever Sony has on hand. Whatever it is, you'll hear it here first.