Finally got my locomotion mechanics working 
(initial attempt, very raw)
Makes me wonder if fading is needed at all (it feels like it would only slow down gameplay, but I’ll see what it does to the comfort level).
Once thing I don’t get is why player gets placed in the air above the surface and then let gravity take over 
(using teleport node) Any ideas?
Here is a small update:
I noticed that since I switched to 4.11.2 I have geometry that is close to the camera panning crazy. Has anyone experienced such issue?
I noticed the crazy panning. I just try to secretly reset the HMD as often as possible. I’m using the CV1 so I sincerely wonder if it’s a product of the wider fisheye on the sensor. Wouldn’t feel comfortable releasing anything where the floating panning was present and I haven’t found a way to fix it. 
I noticed that you have to be really close to the geometry to get noticeable panning. Looks like broken stereo rendering. I haven’t gotten too far with Unity VR, so I can’t say it has or has no panning on close up geometry (I am willing to bet it doesn’t because they put more effort into VR it seems).