There is recorded gif where you can see a bug:
Its likely depends on camera angle. If I move camera a few centimeters right then it will be displayed normally without flickering, but if I move it a bit more further to the right it will start flicker again (Screen capture - df029db731ffec868dd25a9d0931afb8 - Gyazo)
Laptop specs:
Intel i7-4700HQ
16 GB DDR3
Win 8.1 x64
GeForce 870M (drivers version 347.52)
Engine version: v4.7.1
Screen capture - fb588ea8b07119a1b6b6ea61c2d00e67 - Gyazo - one more flickering position (“material properties” map).
Hey Krakean -
This is a known issue with Occlusion currently. The pivot of your mesh is on the camera’s frustum line and the engine is trying to both render and not render the mesh each frame which causes the flickering. However there are two current workarounds that will fix this issue, one is to enable HZBOcclusion via the console or a console variable (r.HZBOcclusion 1) or increase the scale bounds of the item that is flickering. Both of these options have some drawbacks, the HZBOcclusion was turned off in 4.6 because of some development issues with items not occluding correctly and this is one of the items that is currently being worked on. Increasing the scale bounds will keep the item from culling correctly and placing an extra item in the engine’s render pathway for a longer period of time.
As I have said though this is a known issue and is currently being worked on.
Thank you
Eric Ketchum