Journey Mode is the main stages and classic game (of which the demo has limited stages unlocked). Effect Modes looks to be buckets for mutators (again, demo so most are locked; GB’s Unfinished video goes through them) with the most interesting one unlocked in the demo - Mystery (“Try to survive as random effects keep popping up”).
@MarkB: I like PSVR. It’s not perfect (none of them are at this point and I’m expecting the eventual upgrades to offer 4K HDR/10-bit panels at VR refresh rates to improve perceived resolution and make use of these dark boxes to really wow with dark and light contrasts) but it does have the technical edge as a headset with the higher dot count (RGB vs PenTile means PSVR actually has about 20% more dots of coloured light than the base 1st gen consumer PC headsets), refresh rate (120Hz cap vs 90Hz), and best mounting experience - it’s only held back by PCs having better high-end GPUs to drive them (and those future great headsets probably need another generation of high-end GPU improvements to be driven so even the PC can’t quite get to where I want to see the tech go yet).
I’ve not had the tracking issues some others have experienced. There are a lot of games (and I’ve not been diving in that deeply to the regular additions) Moss, Thumper, SuperHyperCube, Rez Infinite, Tumble, SuperHot, Resident Evil, Headmaster, Keep Talking, Bound, Polybius, Statik… into VR modes in GT Sport and Trackmania or all the free “experiences” released (of extremely variable quality). Some of them also work as good games to play on a TV (I’d definitely be buying Rez and Thumper anyway; I already owned Bound) but become something more inside the headset (with the immersive effect of being surrounded and a system guaranteed to be extremely low latency). Even games I don’t think are very good (eg Here They Lie) are experiences I can’t forget (horror sure is something when you’re inside that space and the shadow of something stalking you feels like it’s actually falling onto you rather than just being something you’re watching on a screen).