What you are getting in this chip is all of the work Valve and Triad have done in improving the accuracy of that envelope signal. Essentially, the accuracy in the timing of that signal == the accuracy of the position. There's a really good talk from Steam Dev Days[1] (that I was fortunate enough to attend) that gives a good overview of all the work that has gone into SteamVR tracking.
There is a huge amount of design that has to go into the sensor layout. Bad sensor layout will cause significant problems in tracking. It's extremely constraining in what you can do.
The system is designed to work with one base station. The second is only for redundancy, covering areas of the play area that are occluded for the master base station by your own body.
In contrast, Oculus uses cameras to detect IR LEDs on the device. It's kind of inside out from SteamVR. They have to them do image processing on the PC to get the angular position with regards to the camera of each LED. SteamVR just has to convert timing values into laser emitter motor positions. Once you get to that point, they are pretty much the same, having to compute position and orientation from that data. It's just a lot cheaper for SteamVR to acquire that data.
It also means that adding more cameras to Oculus adds to the workload, whereas adding base stations to SteamVR does nothing to the PC. Both will increase workload to add more devices, but it's negligible compared to the image processing Oculus has to do. Oculus' system is fundamentally unscalable. SteamVR is fundamentally scalable.
@ashtuchkin maybe link it from your page?
> The CM1 contains all the circuitry necessary to convert SteamVR Tracking base station infrared light into a digital output that encodes the angle of the sensor from the base station.
That implies that it's not a full location tracking solution by itself (angle only). The data sheet[0] doesn't seem to shed any further (ahem) light. Maybe I'm wrong. And I'm certainly interested in learning more. Do you have more details on the SteamVR tracking system?
[0] https://www.triadsemi.com/download/16501/