According to a tip passed on by Faryaab Sheikh of SamMobile, the delay is down to engineers at Oculus. They're busy updating the software to work with the Gear VR headset - which of course relies on the Galaxy Note 4 to power it.
That would make a lot of sense though it's frustrating for all the Note 4 users who are never going to go anywhere near a virtual reality headset. There's no word yet on when the update might eventually roll out, although it shouldn't be too much longer.
Oculus and Samsung are partnering together on the development of the Gear VR. For the time being, you need an accompanying Galaxy Note 4 to be able to do anything with it - the headset essentially just straps the phablet to your face and provides sensor feedback.
Samsung's Android 5.0 Lollipop rolled out to the flagship S5 device last month and we've seen it running on a Galaxy Note 4 so we know the update is imminent, once the Oculus team apply the necessary tweaks.
We've asked Samsung for an official comment on the delay, and once we get something back we'll update this story accordingly.
Update: The Lollipop update is indeed beginning to hit some Galaxy Note 4 models, including AT&T's version of the handset, according to the carrier.
With this news it seems the update is finally rolling out to Samsung's phablet, so expect it soon if you're still waiting.