Thanks for the report and apologies. The “buffered frames” part is an inadvertently disabled HMD late-update. I’ve submitted a fix so 4.11 release will be good to go.
If you need to get it working ASAP you can go to:
\Engine\Plugins\Runtime\Steam\SteamVR\Source\SteamVR\Private\SteamVRHMD.cpp
and uncomment the code body for the “PreRenderView_RenderThread” function.
As for the missing “Follow Hmd Orientation” that is intentional and part of the new VR camera setup. Camera’s will follow the Hmd so long as they have “Lock to Hmd” checked on the camera component(on by default).