I use it every day. With wifi-direct there is zero lag.

I work with 3 1440x900 virtual screens. It’s more than enough for coding and the convenience of multiple screens for free offsets the low resolution.

Did you try increasing internal texture resolution? It makes text crispier. The framerate will drop, but it's tolerable for this use case. I find it very useful. There are various resolutions supported, this is the highest where increase in quality should be most noticeable:

$ adb shell setprop debug.oculus.textureWidth 2048 && adb shell setprop debug.oculus.textureHeight 2048

You have to start application after this is executed. To go back to original, you can reboot device or run this:

$ adb shell setprop debug.oculus.textureWidth 1280 && adb shell setprop debug.oculus.textureHeight 720

I don't even know where to type that in. Do you somehow access a terminal on the oculus or does that send a command from my computer to the oculus?