I've heard if you do a full shutdown and boot, instead of rest mode, it fixes it. Have you tried that?
I always fully turn off my PS4 and never put it into rest mode as I don't like wasting any more electricity than I have to.
I've tried the camera on top of the TV and below the TV. At first I thought it was due to ambient light, as my room is pretty bright during the day. So, I played last night with all the lights turned off. Same issues sadly. Like I said, when it works, its one of the most immersive gaming experiences I've ever had. But when you want to look around, things start moving back and forth while I'm just standing there, and as someone else mentioned, many times the screen would turn black and white. I'd pause the game, try and recalibrate things, and resume, and it just would go back to that.
I can play for about 30 minutes before I finally need to take things off. It's weird because I didn't have any of this happen when doing the BB demo, but at home I can't seem to get that sweet spot. I've got more than enough room in front of my TV, so it's not a distance issue.
The other issue I've noticed with my headset is that when the screen is supposed to be black, I can see light bleeding in on the left side from the LED. It's a non issue when images are on the screen, but during the opening of Batman when the screen is blank and you hear someone's voice, it's like the left half of the screen is lit up and the right half is blank. I suspect the exterior LED light is just bleeding through the headset. For me, this is not such a big issue and if the tracking were working right, I wouldn't even care about this and keep it. But, given I'm having so many tracking issues, I'll need to give Best Buy some legitimate reasons for me to return it.
I'll keep trying to mess with things for the next week to see if I can get things to stabilize, but I've done all the various set up procedures and still no luck. I've been so excited about this and I love it when I'm playing, but I can't justify spending so much money where I get such intermittent enjoyment out of it. Thanks all who posted suggestions on here. I'll keep trying and keep you posted.