VR not working for me

Oculus Rift owner here. When I start the game in the Rift, I'm perpetually stuck in the black screen with the hourglass. Sound is playing through the Rift headphones though. Not sure what I'm doing wrong here? Should I start the game with a certain command line?
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Within Steam, in the game's properties, uncheck "Use Desktop Game Theatre"
Launch Steam VR
Launch the game and get into the game, 1st person
Press o
Crosshair is the only working HUD element in VR, tutorial popups and the menu are not compatible yet. Small world is seems, and I'm planning to.