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SMI are working on fundamental technology for foveated displays with eye tracking. There's also an HMD from FOVE on Kickstarter that intends to ship to backers in "Fall 2016".

John Carmack suggested on Twitter that foveated rendering won't be a performance win until a few more generations, when higher-resolution panels are more commonplace. Right now the necessary tracking and layering could actually reduce performance compared to rendering the full scene.

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There are applications where high resolution is interesting but high frequency is not.

High refresh rate is mandatory to reduce nausea.

Additionally, every time you move your eyes, the high-detail area has to shift with them. If you did foveated rendering without low latency and high refresh rate, you're going to get visible pop-in of render detail levels.

Haven't tried it, but I'd hazard a guess that it would be really uncomfortable.

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