Google have implemented their own version of asynchronous time warp in the Google VR SDK (can't remember what they call it atm), so that ought to make it on par with Gear at least, until either gets positional tracking.
GearVR doesn't have positional tracking, has a slightly worse field of view than the rift, and obviously can't compete with a gaming PC in terms of graphics performance.
That being said, not being tethered is a huge plus. Carmack likes to talk about how great the Gear is with a swivel chair; I think he's completely right on that point. You're not going to get the 'presence' you can achieve in the vive, but there's something to be said for the type of immersion you get when not getting tangled up in a cord.
Its great for viewing 360 photos and watching videos, and if you like the low-poly aesthetic there are some diversionary games.
Edit: also, as others have mentioned elsewhere, the focus wheel is fantastic feature on the Gear, especially if you're passing it around in a group.
Note that 'worse field of view' corresponds to 'better effective resolution' for a fixed number of pixels. There's always a tradeoff between FOV and pixel density. I think the Gear made a good compromise for more passive experiences, for what it's worth.
