The PS4 can certainly *do* high FPS VR, it's just that the game developers would need to dramatically lower your expectations of scene complexity from what you normally see on a PS4. According to John Carmack, think PS3-level graphics if it were to do VR at ~60fps.
I don't think we're going to see fantastic VR from consoles with this hardware generation. They have all the downsides of PC VR solution (i.e. your headset is connected via a cable) but would be way behind with the graphics performance of a PC. I can see the appeal of smartphone-based VR (like the Galaxy Gear), but I'd much sooner get a Rift or a Vive because from everything I've read, VR needs some pretty incredible graphics performance.
Myself, I'm going to wait until the different products have been released and have been reviewed. Plus, I think that the next-gen video cards from NVIDIA and AMD are going to be a big step up from what we have today, and any VR rig I put together will include one of those new cards with high bandwidth memory.