Edit: The good people at Valve have found a fix and submitted it to the SteamVR Beta (1.3.2)! We'll make a new announcement once the fix makes it into the main version of SteamVR.
Hello there agents,
Some of you have reported issues - major frame drops and even crashes. After some of you did a number of tests (Thanks MonkeyMike and others!) it turns out that the HTC Vive's fairly new feature 'Motion smoothing' is causing most it. This is a feature that is automatically turned on, but causes big problems in The Red Stare. So you could try turning that off in the SteamVR settings.
If that doesn't work however, pressing Alt+Enter to make the game run in a window rather than fullscreen has also fixed issues for some people.
We're contacting Valve to see if we can find a fix for it, but in the meantime the best way to avoid issues like this is to turn off motion smoothing in SteamVR.
Good luck out there!
HQ out