You can watch wide angle tv on it as well as movies and VR clips. Yes, it's an indulgence but I will buy, I love tech and the reviews on this device have been nothing short of ecstatic.
It also supports Augmented reality. The original Quest has a black and white camera in front to give you a fuzzy view of your room. This one offers a full color, high resolution view of your surroundings. So, that means, it maps your room and is then able to overlay virtual objects in the room and change the decor etc. Not to mention portholes to other dimensions on your walls and ceiling. I think that by the time the way overpriced Apple thing comes out, this device will have totally captured the market.
I can't help thinking though that augmented reality is a bit of a novelty though, acting as just a gateway to full VR experiences. The device is 40 percent smaller in its front facing size than the Quest 2 so should be a lighter and more comfortable fit. As with the Quest 1 (experimental at the time) and Quest 2. You will be able to use your hands to manipulate your environment and not have to use the controllers at all. It's rather unnerving to have a digital representation of your hands in front of you but something you could get used too.