Well... I can see this as a fun tech demo to work on but this seems super useless and highly uncomfortable to me otherwise.

I think it does have some really nice benefits and can help when designing levels, however, I guess it's not really suited for hour-long sessions of level editing with wearing all the gear.
It's more intuitive for sure and the spatial impression that you get will give you a good sense of all the proportions and positioning but I don't think it's going to replace the traditional way of editing levels, at least not in the near future.

I think it's completely useless, at least at this stage of development (as shown on the video), even the guy testing (using) it is having some troubles with placing/rotating objects accurately (as you can see by yourself manipulations are really inaccurate, objects are 'jerking' especially when rotating them). Even if on the other hand it looks refreshing and interesting, well... I'm wouldn't sacrifice the quality and speed of development in exchange for innovations and some fresh looking but useless things like that.

Edit: but well.. this is still better than WED hahahaa

Greets

Well I've seen the livestream and I was quite impressed, tbh. There are quite a few features for things like position/angle snapping placement helpers, and the guy showcasing it didn't seem as helpless as in the video sivan posted. They also said that navigating around is actually faster using the VR mode, not sure if that's true, though.
In the end you can't really tell whether it's garbage or super useful without having tested it.

Yeah, that's true. But I wouldn't bother myself buying and testing it cause I don't really see any sense in using it.

Greets

It would be nice to switch between traditional mapping and VR, so to keep your work more refreshing / fun to do. Perhaps it can also give your more ideas about your map cause your working with it through another way?

for the 1st sight is was useless for me too, another serious toy to gain fame. but Epic seems to focus on VR technology in near future as a possible good business area (games, simulations etc.). and in VR level design is a bit different, e.g. from close view normal maps do not work, higher poly count is needed. so it can be finally a useful tool for finalizing level design.

my little units are marching from the planet of 3DGS to the UE4 universe, using nearly the same system:

for the C# fans: https://mono-ue.github.io/
btw currently there are several plugins in dev for different languages e.g. Python