The documentation for the Unity 4.6 integration suggests forcing texture compression to ETC2, but also suggests forcing the graphics API to Open GLES 2.0. When we do this, Unity decompresses all ETC2 textures to RGBA32 at load, because it assumes ETC2 is not compatible with Open GLES 2.0 (regardless of whether or not the device can run it).
The simple fix would be to switch our target to Open GLES 3.0, but we instantly crash when the game loads on Note 4 in GLES 3.0 mode. Oddly enough, we can get rid of the crash with GLES 3 if we disable antialiasing on the OVR Camera eye textures (set to 1), but that isn't a great tradeoff. That test has been done with 0.5.0 and 0.6.1.0 on Unity 4.6.7p3.
Not sure if this is a Unity bug (perhaps with certain operations on antialiased render textures) or an Oculus bug, but any guidance would be appreciated!