One eye renders squished objects

We're having a strange issue after moving up to Unity 5 and trying to get oculus working again.
The build in Oculus Configuration Utility demo looks perfect.
However when loading and running the Unity demo scenes in "OculusUtilities_SDKExamples_0_1_3_0_beta" things happen that make me sad. The warning text pops up and looks perfect, but all objects in the scene are vertically squished in the right eye by about 20%. (since the warning text is not distorted, that tells me it is not the...

One eye renders squished objects