I have encountered a major bug with my RTS game in 4.7 and have verified it in 4.8p4.
If you go more than 10 meters above the landscape and trace to it, you will get collision holes which return no hit line traces. It seems to be related to the collision when the landscape goes into a LOD transition. I have tried changing the LOD settings for the landscape but nothing makes a different.
I have included a clean repro project using the TopDownCharacter template made with 4.8p4. If you left click the mouse you will see the collision test and when it fails it will print screen. I also made it so that you can use the mousewheel to scroll up and down the camera distance.
Repro Project includeddrive.google.com/file/d/0BwdBSpb_wm8UME5YeXJQMnlzQkE/view?usp=sharing