Facebook-owned Oculus is one of the two giants in VR right now, alongside HTC with its Vive headset. While Oculus is still working on the much-anticipated cordless PC headset, it announced another product today - the standalone Oculus Go.
Samsung has worked with Oculus in the past on its Gear VR headsets, and Oculus appears to be building on that platform with the Go headset. The company says the Go is "binary-compatible" with apps for the Gear VR. This means it should be able to run all existing Gear VR apps and games without modification, and since those are all designed to run on an Android-powered Galaxy phone, it seems very likely that the Go runs some form of Android.
Developers will be able to target both Gear VR and Oculus Go when building games with Unity, Unreal, or the Oculus Mobile SDK. Oculus says the Go's controller provides the same inputs as the Gear VR's motion controller. This means that the Go will have a sizable library of VR titles out of the gate, and existing Gear VR owners will get to use most (if not all) titles created for the Go.
As for technical specifications, the announcement doesn't explain much. The headset uses a "high-resolution fast-switch LCD screen," which likely means 120hz is out of the question. It also includes built-in speakers that provide spatial audio, along with a standard 3.5mm headphone jack. Judging by the fact that no other details were announced, the components used in the Oculus Go probably aren't worth bragging about.