I'm not really on the VR bandwagon, but I can see the potential it has and was fairly open to being won over once it came out and started strutting its stuff.
But with this move, Facebook's thrown a good deal of mud in those waters - if it's re-branding, that sends a strong signal that it didn't just acquire Oculus as an investment, but that they intend to inflict their ethos on everything that comes out of it. I'm not sure what's the worse possibility of what could come of this - Oculus crashing and burning as Facebook turns it into a thing people won't want and setting VR back, or Oculus succeeding in spite of that and Facebook dictating what this promising new technology will be used for.
Seriously, I've never liked Facebook, or the current generation of social media, but for a while it's been so ubiquitous that it's been necessary for me to maintain a presence there if I want to maintain my social life. It's been what, almost 10 years? I've been impatiently waiting for it to die already, for something new to come along as things continue to evolve, something that with any luck will be less offensive to me than creating a culture of no privacy.