A:Answer Taken right from Wikipedia
On October 6, 2016, Oculus VR announced lessened hardware recommendations, now suggesting an Intel Core i3-6100 or AMD FX 4350 CPU, at least a GeForce GTX 960 or equivalent graphics card, two USB 3.0 ports and one USB 2.0 port, and Windows 8 or newer. The company stated that these lower requirements were enabled by the adoption of motion interpolation; on systems that cannot handle full 90 frames per second rendering, the drivers will allow software to render at 45 FPS instead, and generate frames based on differences between them to send to the headset to maintain its frame rate. Oculus promoted that these changes lowered the average hardware cost of a PC meeting these specifications to US$500, and would also enable certain laptops to run Oculus Rift.
As for working on the PS4, only the PS4VR works on the PS4. It was rumored at one time that the PC VR sets could potentially work with the next gen Xbox, though not sure if that is still true.