The system currently supports DVD and Blu-ray, and a Cyber Link representative confirmed to me that the software will support 4K Blu-ray once PC hardware becomes available (and the Blu-ray Disc Association releases a PC-based standard).
Power DVD Ultra is available now for $99, and upgrades for previous versions are available from $49.
The UI and navigation is also optimized for HMDs in the VR mode.
There is also some additional support for You Tube playback, particularly with respect to 360 and 4K videos.
While Arc Soft dropped out of the software Blu-ray player market a few years back, the only other legal (i.e, one that includes licenses for all required codecs) player - Corel's Win DVD Pro, receives fairly spaced out upgrades.