Having tried both high end VR in the form of the Vive and low end in the form of Google Cardboard, I picked this up largely on a whim so that I could have a cardboard style headset with a decent strap to show off to people without needing to go through the trouble of setting up the larger Vive.
Unfortunately, I can't say I was left very impressed by the overall experience.
The build quality is cheap throughout. Moving parts are stiff and worryingly fragile, the controller is literally held together by friction, and the "Bluetooth earphones" barely work and offer some of the worst audio quality I've ever heard. The headset itself is fine apart from a large piece right at the top of your vision used to support a button to interact with the phone. I tried making several adjustments, but none of them made it any less distracting. I have to say I was more impressed by the Cardboard viewer I assembled myself.
I had some hopes for the controller, but as it turns out it wasn't particularly useful either. As I mentioned earlier it's barely held together at all. It came apart in my hand after getting a thumbnail caught in one of the seams, and with so little pressure that I barely noticed. It's also oriented in a way that makes it pretty clear that they just put a cheap Bluetooth game controller in a different case that's been molded to mimic the layout of a remote or motion controller. To move the cursor up requires you to move the analog stick to the right, and most of the buttons are positioned directly under your palm. Given that you are expected to use this without being able to see it and that dropping it would probably make the pieces fly apart, I can't imagine ever being able to do much with it.
The one saving grace is that they do seem to have fairly decent lenses in the headset. They're not going to give you a great field of view, but they do at least offer IPD adjustments that you don't get with a cardboard viewer. And the head strap is pretty nice. If you can live with the v-shaped chunk taken out of the top of your vision, the headset itself isn't that bad. But personally I'd either stick with cardboard or swing for something a little nicer with better build quality.