Have you used an HTC Vive?

I have a couple oculus and they are nowhere near the HTC Vive in terms of immersion.

I've recently used both and think they're equal in terms of immersion when the Vive is roughly around the minimum space requirements. For gaming, I could take either; for non-gaming experiences, I haven't seen anything on the Vive that wouldn't feel similar on the Oculus or vice-versa.

If you have a large open space the Vive may pull ahead, but I haven't tried anything that could take advantage of that.

FWIW, I was sold on VR when I first tried DK1, but now having tried the consumer version and the Vive (years later), I'm even more excited.

I found the vive to be much more immersive, and the games being developed for it felt like they truly understood the capabilities of VR.

I'm really excited about the competition in the space, it is only going to be good for VR enthusiasts.

You have access to Oculus touch? What makes Vive wands better for immersion compared to Oculus touch?

A couple of Oculus devices (dk1, dk2) or a couple of Rifts (without touch controllers)?

I did say that we will need to wait for the second camera + touch controllers for the Rift to be on par with the Vive.

What is inside out tracking? Is that like tracking the facial movements and such inside the headset to allow an accurate facial projection while wearing the headset?

Better. It's positional tracking using one or more cameras on the headset. No more external cameras, laser base stations, and limited tracking area.

The term inside-out tracking does not make any assertions about requiring fixed external reference points. The Vive is using inside-out tracking as well, since it utilizes photo diodes on the headset that interpret the external IR laser sweeps.