I didn't read a long term bet against a face-based device. He focuses on facebook's value as an app-based stimulant, and how VR occupies a completely different (and possibly limited) niche. In fact, Stratechery claims that AR is more promising, and that Apple is well-poised to create a face-based device. His main point is: unless the face-based device joins us in our every day activities like the smartphone, it's not going to be directly useful to facebook.