We're live at GDC. Sony is expected to announce a long-rumored VR device that will compete with Oculus Rift. The session begins at 5:45PM PT and we'll have live updates as they come.

5:44 - We're in and seated. And oh look! There's something on the stage, covered by a black sheet. PS5, perhaps? We're kidding. It's totally a VR headset, right?

5:46 - Overheard from developers in the background: "It's an Xbox Two." "I'm scared of why this is so pointy." "I wonder if this will require the PlayStation Camera?" - That last one is a good point!

5:47 - "Thank you for coming to this cryptic event... you have no idea what we're going to talk about." - Shuhei Yoshida

5:48 - "This is something we believe will push the video game industry forward."

5:50 - "VIRTUAL REALITY is the next innovation from PlayStation that may very well shape the future of games."

5:53 - A photo shows Shuhei Yoshida wearing a visor that has a PlayStation Move controller duct taped on the side. It's dated Fall 2010.

5:54 - A video demonstration of first-person God of War on PS3. "The coolest thing was looking down and seeing my body of Kratos."

5:56 - Sony intentionally teased VR with the PSN game Datura. Here's the video they showed off:

5:57 - It's called Project Morpheus.

5:58 - "I have the actual unit here. Some of you may have guessed where."

5:59 - "This is by no means final. But we think this is a good representation... we're excited to have you try this in our booth starting tomorrow."

6:00 - "...seamless integration with PlayStation Camera and DualShock 4..."

6:01 - "I have an enormous amount of respect for them," Yoshida said of Oculus.

6:05 - Richard Marks takes the stage. He detailed a partnership with NASA, and his goal is to work on a demo that allows players to feel like they're on Mars, using real data from NASA.

6:08 - "Thankfully, our parent company has a lot of experience with optics," Marks said, pointing out that the screen inside Morpheus must be high-resolution and high-quality.

6:10 - "Our new PlayStation Camera is stereo... it's like it was designed for VR or something..."

6:13 - "People don't want to mess with drivers." A slight jab at Oculus?

6:14 - "We want to be the best place for VR." For developers, there are already a number of partners, including Unity, Havok, Unreal, and more.

6:25 - Anton Mikhailov: "You have a lot of new emotions to work with [in VR]... so be careful!"

6:27 - 1080p display with 90+ degree field of view in the current dev kit

6:28 - Tracking with PlayStation Camera. Position and rotation head tracking at 1000Hz, supporting full 360 degrees and forward prediction. Promises "true spatial sound, synthesized by simulating the human ear."

6:32 - Mikhailov describes potential asymmetric gameplay, with one player on the headset, and others playing on the TV.

6:33 - Demos include The Deep from London Studio, which puts players into the deep sea. The Castle will let players use two PlayStation Move controllers. EVE Valkyrie, the VR darling of Oculus, will also be demoed. A special VR version of Thief will also be available.

6:36 - The current prototype is wired.

6:37 - "Our current plan is to focus on PlayStation" - Mikhailov dodges the question about bringing it to PC. "As a technical person, it's HDMI."

6:42 - "The good thing about consumer electronics is that it will be affordable." - Marks, regarding non-entertainment uses of the headset.

6:45 - "We decided on this name last week." - Yoshida. "Also, Morpheus is the god of dreams." - Mikailov "Sure." - Marks