It can run visuals similar to the ps3 and xbox 360 as described in this link. There aren't that many incredible-looking titles requiring, say, a GTX 2080.
There's also a FPS drop from 90 to 72 which might affect nausea in more agitated games, hence why I said it's better for more casual experiences. No running and gunning! Or teleporting and gunning, in this case.
It's pretty good stuff for it's price. A bazillion times better than the Rift prototypes, too. I had the first one. It was amazing by itself and this is a huge step up from the second prototype! I believe the Quest is more than worth it's price if you can't afford a GTX 1060 computer.
RE: New Virtual Reality goggles doesn't need computers around