That's insane! The grafx on this game are just not that intense, I've seen other game with grafx everybit as good as these running at 100+ fps on my old 660 GTX, the only reason I bought the 980 was for this to start to run smooth and still no go. Btw, my comment was more of a response for the other guys quite adversarial opening statement "I don't care what you believe...", I apologize for that, I know better.
Perhaps it's CPU bound and not video card. The physics are insane and I don't believe they use any kind of hardware acceleration (that I'm aware of) and headtrack, at least in my minds eye, should be CPU too. The video card would have to draw the frame of view as to where your looking, but I don't see that really being much different than mouse look, so there has to be something else to it...
Like I said before, Alien Isolation runs full tilt, no tracking issues, on a 660GTX (game is modern, grafx are 100% on par with elite), but Elite wont track smooth on my new 980GTX, a $600 (US) card. I should of kept my $160 (US) card, as it did everything but Elite with Oculus fine. Hell it even ran Elite without the Oculus fine at full tilt and I would use the controller to look all over like with the Oculus. There is a lot of overhead with the OR though... Dual Screen (hits performance of video card), render the same frame twice (the stereo vision of the OR), plus the headtracking and whatever resource it's banging. I may do some Windows perfmon and see what resource are bound most, let you guys know...