The Gear VR slots in the Note 4 to use as a screen, so there are no wires or extra hook-ups to worry about lugging around. Otherwise, it functions pretty much the same as its big brother, the Oculus Rift, albeit with a lower level of performance. The field of view on the Gear VR, for instance, is 96 degrees - four shy of the Rift.
If you're wondering why it's called the Innovator Edition, Oculus has a blog post explaining: "It's an early-access, beta-version of the device for developers and enthusiasts rather than a final consumer product. Content creators can experiment and build totally new experiences while users explore the bleeding edge of mobile VR as it's being pioneered," the company writes.
No release date for the device has been given for the Gear VR, but when it launches there will be several virtual reality experiences and games available, including Darknet - a game we saw at PAX Prime last weekend - Oculus Cinema - a virtual movie theater - and Legendary's Pacific Rim Jaeger Pilot - a VR experience we heard about during Comic-Con.
Our friends at Engadget have a hands-on video, pictures and their own thoughts on the device if you want to learn more.