The initial startup calibration is very basic. There's a better detailed calibration in the VR options in the ps4 settings toolbox.
It asks you to hold (not wear) the headset closely and towards the camera to calibrate each light from each side.
Also, it calibrates each controller/move lighting.
And the most important, I think, it calibrates your eyes. Finding the distance between them, within the center of your eyes (it takes a close up photo of your face). Then asks to move a crosshair to find the center of your eyes.
I was using my VR for a few hours and noticed the far distant stuff seemed flat. After the calibration I was able to see depth much farther. And looking down over ledges seemed much more realistic. And stuff near you had an even greater effect.