I’m inclined to say Morpheus. Whilst Oculus Rift really popularized VR again and made it closer to the science-fiction dreams I’m sure we all grew up praying to come true, I don’t think it’s quite there yet. The fact that it’s hard to get hold of, awkward to set up and underwhelming (at least graphically) are real drawbacks. Oculus Rift paved the way for VR though – and it’s absolutely vital it was made – but I think Morpheus will learn from all of Oculus’ lessons and mistakes whilst building on its successes.
With Sony’s budget and resources my hopes is that it will be a more impressive piece of kit from the start, hitting the ground running rather than building slowly like Oculus Rift has. Also – and this is more important than anyting else – it’s going to be easier to acquire and use – especially as all you’ll need is a PS4 rather than a beefy PC and a complicated rig.