And even ignoring Facebook I think Oculus actually has more employees than Valve at this point.

Zuckerberg mentions the number in this stream, I think it was around 700 or so employees, but can't remember for sure: http://www.pocket-lint.com/news/137176-watch-mark-zuckerberg...

In the video Mark Zuckerberg says "we have about 400 people working on this now" at 0:50 in.

Thanks for finding that. Wikipedia says Valve had 330 as of 2013, so Valve most likely slightly outnumbers them. Hardly David vs. Goliath in headcount/organization size though. Though of course you have to be aware HTC is the production scale out.

It's laughable how outclassed Oculus is by Valve. If Valve were to release Half-Life 3 as an exclusive on Vive, Oculus as a gaming headset would be toast.

Valve has some of the most valuable franchises (Dota 2, Team Fortress, Portal etc) around and are under-utilizing them, not to mention they operate the largest PC gaming distribution platform.