VR - Virtual Reality
HMD - Head Mounted Display
Latency - Latency in VR refers to the time it takes for the computer to render an image and for that image to appear on the HMD. This needs to be as low as possible so when you turn your head quickly the image displayed will be at the same speed. If it's too slow then the image lags behind your movement and it can make you feel sick.
OLED - Organic Light-Emitting Diode. This refers to the display technology used for the screens.
IPD - Interpupillary distance (IPD) is the distance between the center of the pupils of the two eyes. IPD is critical for the design of binocular viewing systems, where both eyepupils need to be positioned within the exit pupils of the viewing system. If your IPD isn't set correctly it can create eye strain.
Frame Rate/FPS - Frames Per Second. The frequency at which frames in a television picture, film, or video sequence are displayed. For VR, the optimal frame rate recommend by Oculus and HTC is 90fps. As a comparison, film and TV run at 24fps.
A great instructional video on how to not shoot 360 video. This is a must watch for everyone new to this technology.
Video created by YouTube Creator Academy
Video link: https://www.youtube.com/watch?v=RWYKrePZwkM
More info: https://youtube.com/creatoracademy/page/lesson/360-production