The Dev kits have already shipped, I should expect to see mine in about a week. They still have a bit go to with the retail version, they need higher resolution and will need to tweak some of its features based on what I have read on the forums but most of the feedback from the developer community that has received the dev kits up to this point have been very positive.
I think the most positive thing so far is that Oculus just received about $16 million in funding, and the founders of the company have been fairly strait forward that the retail version is still a work in progress and that they would rather wait and release it with a good library of games to support it.
I think it has a good likely hood that the game library will exist, just because they have had very good feedback from the industry not just interested consumers. Valve has ported half-life 2, team fortress 2 and now added further support to the Source SDK. Unity 3D the game development platform has added support for the Rift, as well as the Unreal Development Kit and support for the Unreal Engine 4.
They appear to be getting industry support, that is a good first step. Only time will tell, but they have started on a good path.