Texture size better be power of 2 for VR? what format is better for artists to make?

texture size better be power of 2 for VR? what format is better for artists to make?
Thanks!

Yes, power of 2 allows mipmaps, not only for VR.
.png is a good format to use.

for every platform?
and how about non square textures. will UE automatically combine them into a big squared Texture of power 2 ?
or does the users need to combine them by theirselves?

Thanks so much!