Okay so i have and lag spikes for a week myself and with no help form Virgin went to try and fix via trial and error.
After a few hours i have a fix and have already had confirmed from various users on Twitter that this also works for them.
Please see the guide below and let us know if it worked for you by commenting on here.
Go onto your router settings. (The IP address by default is 192.168.0.1. If you want to use your own router and put the hub into modem mode then the internal address for the hub will change to 192.168.100.1)
Down the left hand side click on advanced settings.
Then wireless signal
Now change the settings in here to exactly as shown in the attached photograph.
Change it all to match what i have there mate then apply changes then PS4 should log out of network by itself and resign in by itself a few moments later.
Mine was all set up to auto on the router settings and different channels but once i changed to all them settings PS4 lag spikes literally disappeared straight away and managed to get a gaming session all last night for around 4 hours no lag spikes at all
HOPEFULLY WORKS FOR YOU ALL AND LETS YOU ALL GET BACK ONLINE ASAP. LET US KNOW!
Holy Moly, what a difference! Just managed to do a GT Sport race without cars teleporting all over the road. Maybe because I was looking for it there was a couple of instances of lag from a couple of cars, but hardly discernible and very very playable.
I'll give it a proper test this evening.
You might've saved my GTS FIA Championship with this!!
To be clear, copying these settings 'exactly' is not going to be a fix for everyone. I would be surprised if the PS4 could only work on one specific channel.
I'm assuming the issue is due to interference with other wireless signals. Download something like WiFi Analyzer on your phone and see what 2.4 and 5GHz channels are occupied around you, then manually enter ones in the web GUI that are free or less congested. Then set the channel width as large as you can on each without causing interference again (if people have issues doing this on 5GHz with DFS channels, change the channel to 36, apply and wait for restart, refresh to make sure it applied, change the channel width, apply, wait, refresh, and then apply the channel number - annoyingly though, you will have to redo all that any time you restart your superhub).
Also remove any wireless modes that won't be needed by your devices. Most modern devices support n or ac, so you don't need a/b/g.
So unless there is some other issue for you, that should help.
When I used a WiFi analyser my hub looked like it was using completely free channels. After making these changes, it's now using occupied channels but the performance is so much better, the lag I was experiencing has pretty much vanished.
I'd be surprised if it was these specific channel no.s, rather just that we're forcing the hub to use a single channel. Why that should be though, who knows