That's why i rather think this could be a new headset by LG which might be a plastic google cardboard again, same as their previous attempt "VR for G3", but this time it could be vastly improved, as the needed tech is in the phone.
The G5 has a dual camera set consisting of a 16mp camera and also a 8mp camera, which supposedly should deliver depth information instantly. Samsung was rumored to have a dual camera set aswell, which they might have already but not in the volumes they would need for a S7 launch yet, but will likely have enough by the time for the Note 6, also in smaller volumes. LG calculates in smaller volumes aswell for their G5, so they were able to do it already.
This dual/depth camera combined with the S820 which has a VR optimized HVX/DSP chip onboard, which allows much faster IMU updates like the sensors in the Gear VR does, this new combination could be the first solution for low latency sub mm mobile positional tracking.
Sure this is all only speculation but if it is true then kudos tor LG for already pulling off mobile positional tracking. I bet Carmack would have achieved Pos tracking aswell, if Samsung had put a dual/depth camera into the S7.
But let's wait and see if the G5 and the S7 have some VR surprises up their sleeves.