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Another solution is, if you use a receiver, to put the processing unit on the 2nd hdmi out port of the receiver.
Advantage: You can watch everything connected to the receiver on the psvr's virtual screen.
Disadvantage: Different receivers add different lag to the video signal, which you may notice when using move controllers.

I tested it with my old receiver and unfortunately the added lag is noticeable with the move controllers lagging slightly behind my hand movements.
http://www.avsforum.com/forum/143-general-gaming-help/1452009-input-lag-receivers.html

It seems a switch won't work either according to this post:
http://www.avsforum.com/forum/143-general-gaming-help/1452009-input-lag-receivers.html#post24242866
A switch will throttle down the hdmi spec of the whole chain to the lowest version of all connected devices.

PSVR isn't the only problem, a perfectly fine 7.2 receiver with hdmi 1.4 is just as big a problem. If you want to watch 4K Netflix with HDR, or 4K UHD discs on XBox One s, you're only option is to settle on optical audio, lossy 5.1 dts. HDMI is a pita. Why the hell didn't they keep the audio specs separate from the video and have a simple pass through for either or without touching the signal.