Yes, and if you have trouble getting a refund for your defective device, there’s a bunch of state attorneys general who are interested in anything Facebook right now.
"No need for chargebacks, I purchased it from John Lewis in the UK so they wont have any issues refunding me. All my previous Oculus purchases on their store are now unplayable on my CV1 though so I might have to pursue a small claims court claim to get any money back on those."
It's a shame that John Lewis are probably going to have to eat the loss on this; it would be interesting to see what the effect of suing Facebook in the UK small claims court will be.
But the issue is that in having his account terminated, he's also losing access to all historical purchases made over the years. The CC company may be willing to accept a charge-back on recent purchases, but what about the application/game purchased four years ago that's tied to the account. It's no longer accessible, but is the CC willing to refund for a purchase made that far back?
I honestly don't know, but if I had to guess it would be no.