It's Mario Kart, on the Oculus Rift!
That about sums up VR Karts; it's a kart racer with colourful graphics and bags of charm, and it plays in first person on the Oculus Rift in full, stereoscopic 3D. Today I was fortunate enough to play through the VR Kart demo, due for release February 3rd. It features only one track and one playable kart, but it's brilliant fun and shows much potential.
After loading the demo players find themselves sitting on a sofa inside a trailer. It's full of detail, with a map on the wall, TV and shining gold trophy. These objects become interactive when the player looks at them (thanks to the head-tracking capabilities of the Oculus Rift), with the map acting as a multiplayer game board, and the trophy kicking off the single race track.