No M in Farlands. It's just you make a noise while imitating the aliens. There's a microphone on the Rift, what the application does with it is up to the application. In elite with voice attack(I think is the name) you can control a spaceship.
The voice activation is part of an update that is being rolled out to different people at different times. You'll know when it's happened to your Oculus Home because you'll see a fourth icon in Oculus Home that looks like a microsphone (next to the Home, Library and Store icons).
It only works in Oculus Home currently and not when you have games running. Once you have the icon in your Oculus Home display you'll see a line through it so you you have to click on it via your Touch controls/gamepad/remote to enable it. After doing that you say 'Hey Oculus' to call it up and can then launch games/apps (Launch appname), recenter the display (Recenter) and find all games of a certain type in the Oculus Store (Find action games).
