It's great for watching movies. Watching 360 content is only good if downloaded, streaming 360 content is degraded too much. Some streaming 360 apps give you the option to download vs streaming. Gaming is fun, especially Temple Run. Although the touch pad is decent as a control, it's much better with a bluetooth controller. Then you have the concept apps, which most of them are pretty damn good. Downloaded 360 trailers of games and movies are amazing.
Comparing the hardware vs the previous Gear VR..... The new Gear VR is much improved than the previous one. The touch pad is bigger and easier to input. The space is larger, users can most likely wear glasses with this on. Better padding on the face. The port that you connect the phone to is not spring loaded anymore, so it's much easier to put the phone in. The USB-C and Micro adapters are easy to switch, or you can just have no adapter and try another VR software(like Google). You can charge the phone through the headset while playing, but that's only for USB-C.