This is great news. PSVR is one of the best selling headsets and I think that if VR is going to become mainstream it needs a console presence. I can't say that I played a lot of games on my PSVR and it was probably not worth what I paid for it, but it was really neat, and if the new version incorporates a lot of the advances PC VR has seen (and has higher fidelity) it will really be something.
Plus they're working on new controllers, which are a must given the limitations of the move.
PSVR for the PS4 was a cool toy but kind of an afterthought. I think that PS5 VR is going to be something special and hopefully keep the momentum of VR development and gaming moving forward.