From what I understand there's a not insignificant (but also potentially low enough to not matter to many) amount of extra latency when using it to display content rendered on an external PC.
There are streaming solutions that work well enough via the Internet.
The trick is that they basically render a skybox/sky-dome. If you turn (rotate) your head, that is computed locally, you just get shown a different part of the picture that's already on your device (if you turn too fast, you may get a black cut-off edge until the viewport is updated from the remote machine.
If you move (translate), it needs to re-render for paralax etc. and that's when you notice it and potentially get VR-sick. So games where you have to move your head a lot are probably not a good match, but e.g. Fallout works great.
If you augment your skybox with distance information, you can fake some of the parallax locally. Might be convincing enough for the split second needed?
