Not surprisingly, Oculus is said to be handling the product's software/UI, and Samsung the hardware. Unlike the gaming-focused Oculus Rift, the headset won't have a display of its own, but will instead (using a slot within the device) rely on a smartphone to act as its screen.
The phone's rear camera can allow a user to stay connected to the outside world, and might also enable augmented reality apps. Oculus is reportedly providing Samsung with an early version of its mobile SDK,
As part of the tie-up, Samsung is providing Oculus with OLED displays sporting resolutions above 1080p for its own hardware; Universal Display (OLED) should be happy to hear that. The latest Rift dev. kit (DK2) features a 5" 1080p OLED display.
Mark Zuckerberg has insisted from the start the Oculus deal is about enabling a wide variety of VR applications, of which gaming is just one.