The Samsung Gear VR is actually Oculus Rift lite, given that the two companies collaborated for the technology.
The Gear VR is simply a case that uses a Samsung Galaxy smartphone as its processor and display. The handset simply slots in front of the lenses, into a Micro USB dock, and uses its Super AMOLED display as your screen. Slot in the phone, stick on the headset and you're into your virtual reality experience. The only catch is that you must use a Samsung handset.