I'm playing exclusively on my PSVR and Pro, I'm about an hour and change in (second tape recorder), and it's pretty easy to call this the best VR game ever made. Nothing else even comes close to matching this realisation of VR's power to completely transport you into another world. After RE7, it's hard not to say VR's greatest trick is actually putting you somewhere you don't want to be. This is VR's first, full fat, all-in AAA title, and it's pretty damn amazing.
It's bizarre way to describe it, but it's like having a lucid nightmare of the Texas Chainsaw Massacre: you're conscious of it, of how scared you are, and you're able to wake up when you want, but you're still curious to keep going, to see what's around the next corner. To see just how scared you can get before its too much. It's certainly not for everyone - I've got rock solid VR legs, and love being terrified - but it's a ride unlike anything else. Playing it outside of VR just wouldn't have the same impact.
In terms of how it holds up compared to other VR experiences on PSVR, the IQ on the Pro is a pretty big step up from the OG PS4. The biggest difference seems to be higher rendering resolution and better AA, clearing up the jaggies, and making everything significantly sharper. It's by no means perfect - the hair on key NPCs is still aliased to hell and back, for example - but the jump is immediate, and very noticeable. The lighting seems better, too, with higher quality shadows, and what feels like richer colours, though it's honestly hard to accurately compare across my two systems. The OG PS4 is still totally acceptable, but the Pro is unquestionably, significantly better, and clearly the "proper" experience, given the IQ on the OG PS4.
The head tracking is also really good. The last VR experience I played was Battlefront, and the tracking felt hit or miss with that, so I was still quite "aware" of the tracking. Here, it's really solid, and I forgot about it pretty quickly. Peeking around corners, learning closer to things, all organic and without ever thinking about "gaming" the game for an advantage by shifting around. It feels very appropriate, given the content. This is how VR games should be.
With all that said, if you get motion sickness, this game is going to ruin you. Even with all the comfort settings, it's breaking a lot of the "rules" of VR, so I expect this is going to be borderline unplayable for people very sensitive to it. YMMV.
I'll post some more impressions tomorrow, but so far, this is hard not to label as VR's first "must buy". Incredible achievement.