Compelling consumer-priced VR hardware is coming within two years according to the document. Valve has been researching and developing VR prototypes and believes VR will transform entertainment if presence, the feeling of truly being somewhere else, can be achieved. Key factors for presence are wide field of view, high resolution, low latency, low persistence, and precise tracking. Valve is collaborating with Oculus and believes they could deliver strong presence for PC VR within two years if they continue to improve their hardware.