I got one with my phone, too. Similar to John, it makes the phone get super hot and kills the battery. In fact, the Oculus app host has a thermal shutdown in it, so they knew it would happen. It pops up right in the middle of your rollercoaster ride and tells you that the phone is too hot to use the VR headset, try again later. Kind of annoying.
It is pretty neat, though. I've enjoyed all of the apps I've used on it. Not a huge amount available, but it's growing. Don't think I could sit through an entire movie with it on my head, or that it could go through one without overheating. But then again, I've done 15+hr motorcycle rides with a helmet on, so maybe I could. I just haven't tried. A few of the apps I've used require 360 degree movement, which might be a problem, but most don't.
I played with it a lot when I got it, haven't used it at all in a long time. Not even certain where it is right now, actually. It's one of those kind of toys at this point. It could become more relevant as support grows, but right now it's just something to play with.
You just have to decide if it seems interesting enough for the cost - hope that helps.