Hi Mike,
Again, thanks for taking the time to reply.
In regards to your question - I have re-installed the game, hard-reset my PS4, played GTA V on two different TVs, switched TV settings to 'Game Mode', tried different in-game views, tried different Field of View settings, tried different sensitivity settings, all of which have resulted in the same experience.
As I already mentioned, I do not own a second controller, but I really do not think that has anything to do with this as I have used the same controller within minutes of playing GTA V to play other games ( Far Cry 4 mostly) and none of them share the same issue. Switching between Far Cry 4 and GTA V only highlighted the issue even further to me due to the contrast in how each game felt to play. And I think the fact that so many other people in the NeoGAF thread are experiencing the same issue rules out the possibility of it being related to my controller.
I've also contacted Eurogamer/Digital Foundry and asked them if they would look into this further, as there's only so much we can do.
Thanks again.
Luke.