When you say the name Oculus, the product that we all think of right away is the Rift VR headset. That headset allows you to play some of the most immersive games we have seen in a long time. Oculus plans to offer more to the gamers out there than the headset alone.
Oculus is also working on motion controllers that will work alongside the Rift headset. The controllers will allow you to manipulate objects in games via hand and body movement according to people familiar with the products.
The goal of the motion controllers according to these sources is to make for more immersive games and simulations. Some developers out there that aren't directly associated with Oculus are already working on motion controllers to go with the Rift. The move into first party controllers by Oculus will likely upset these firms. Exactly when Oculus will rollout those motion controllers is unknown.