You just can't get away with super low-poly models and expect normal mapping will make it look ok because it won't. If you have a high-polygon model and use normal mapping to add even more details, it can look stunning in VR. I have to disagree on the normal mapping comment by Abrash, or at least agree with faith303 that there are exceptions.
I don't yet understand how the gameplay would be like but visually it already looks amazing. But I guess in this early stage of development it doesn't really matter that much.
(The normal mapping statement is on page 40) Please supply a link to where Michael Abrash said that - I would like to see the context he was referring to if and when he made such a statement. Extending the virtual screen to wrap around you should not affect how you generate the VR content any more than putting a larger monitor on your desktop would negate the usefulness of bump mapping (i.e. Is that right? (Can't test by myself, don't have DK1, and I'm waiting for my DK2) I heard in a video from Michael Abrash that Bump mapping doesn't work anymore for VR.