The GearVR only works because of the external sensors on the HMD and the low latency display driver among other things.

This doesn't seem to have any external sensors, no low level / latency access to display driver, and with an iPhone6 720p-ish display, I can't see how there will be enough resolution - the GearVR with its 2560x1440 display appears low res enough - if this worked, and I highly doubt it, we would be regressing to DK1 levels of quality at best. You wouldn't be able to read key labels on a virtual keyboard at that resolution.

The 60Hz refresh is fine. Latency >>> refresh. Even 30hz gfx update with 60hz timewarp actually feels "fairly" comfortable with gearvr if you can put up wth the slightly swimmy image - as long as you dont drop frames. 60hz with dropped frames is a far worse experience.

This is google cardboard in a pretty skin.

Having watched the John Carmack technical presentation on Gear VR, and the importance of a low-persistance display, which only AMOLED can do, I'd say the Gear VR should be superior.

I think that's probably a bit of a reach – the Note's screen only has a 60Hz refresh rate, for one!

60hz is generally considered "good enought" for presence, the the improvement at 90hz is perceptable. Particularly with the low-persistence displays, frame rate is less important than you'd think.

Latency is a bigger problem.