Sources: after canceling Rift 2, a "complete redesign", Oculus now pursuing a more modest Rift update, possibly called Rift S, to release as early as next year (Lucas Matney/TechCrunch)

Lucas Matney / TechCrunch:
Sources: after canceling Rift 2, a “complete redesign”, Oculus now pursuing a more modest Rift update, possibly called Rift S, to release as early as next year  —  Facebook's virtual reality arm may soon find itself in the unfamiliar position of playing catch-up with hardware competitors.