I've been troubleshooting the same issue for the past 3 months. After ruling out environmental or software issues (by cross-checking with a problem-free headset and problem-free environment), I sent my headset to repair. Twice. Both times it came back, it started flashing gray after 20-40 minutes of first use.
In the meanwhile we got another vive headset which works perfectly, so I doubt it's a software/environment issue... I just want both headsets to be reliably used for our technical development needs.
1) Faulty vive was manufactured 2016/11. New vive manufactured 2017/2.
2) Started experiencing problems May 5th 2017.
3) Environmental factors - have some reflective surfaces in play area that don't cause issues to the second vive.
4) N/A
5) N/A