The consumer version of the Vive shipped out in June of 2016.
The Vive supports 3 main types of experiences: Seated, Standing, and Roomscale.
Seated and Standing are as they sound and require little elaboration.
Roomscale requires a space of a minimum of 1m by 1m, extending up to 3m by 3m. The room needs to have the "VR Lighthouses" installed, and then to be configured by pacing it out with the controllers. A caveat of this is that mirrors will interfere with the invisible beams that are used for lay out the space, confusing the system.
Before purchasing the Vive, running the Steam VR Performance test is recommended, to confirm that system will be able to handle the graphical requirements.