Japan is getting an updated PlayStation VR model later this month, releasing on October 14, with a North American (and, presumably, European at some point) release to be confirmed. 

The new PS VR, model number CUH-ZVR2, is different in terms of the headphone port, which has moved further to the back of the headset, but will also have a ‘slimmer, streamlined connection cable.’ A bigger change, at least in how annoying having a PSVR is, is that the new processor box won’t block HDR. Previously, if you wanted to play a game in HDR you’d have to disconnect your PSVR Processing Unit. But now you can just leave it all plugged in. So that’s cool.

Sadly you can’t just swap the new processor for your old one, because the cables are different, but the price of PSVR bundles is staying the same, and all PSVR games are compatible with both models.