Realise I'm slightly late to the party (>7 yrs since the last update!) but I too have one of these v470f controllers and thought I'd share my experiences for others out there having problems.
The controller is flexible insofar as you can tweak lots of settings, but the documentation is very poor over what these do and the software within the controller is equally bad; I find that settings I sometimes enter are not stored for example when I go back in again. The controller is not faulty, it's just an old and bad design I think (I'm a qualified Controls Engineer by training btw).
I had huge issues with my house being perpetually cold and the rads only being luke warm despite the 'ask' i.e. desired room temp being way higher than the actual room temp. The guy that installed the system I think just hung the boiler on the wall, connected it up safely, and legged it without checking to see if it was tuned correctly. Result? The boiler was cycling on/off for about 5 yrs until I set about measuring the flow/return and outside / demand temps over time by interfacing into the eBus system to read temps and log them. It was hard work (took me about a year to get this home-grown tech working) but the results were staggering. The system was just bouncing on/off every few minutes throughout the day. I messed about with heat curves, modulation vs thermostat etc but got only minor improvements in the data I was seeing..
The big breakthrough came when I turned the auto-bypass valve (inside the boiler) a half turn to send more flow into the house rather than bypass back into the boiler. Instantly, the boiler had somewhere to drop its load (the rads) and it has fired pretty continuously (when there's demand) ever since. I can also hear the flow in the rad valves now - which confirms the flow is improved. I also had a huge sludge issue (non-barrier pipe was used in this 2002-built house) and so having a better flow helps drag the sludge back into my magnetic filter on the return, as an added improvement. The rads are nice and warm now and the house reaches its correct temperature within an hour or so each morning which is fine, and maintains that level fairly accurately.
The key message here is: if your boiler is stuck in a cycle (heating then switching off (hourglass in the boiler display)) then check the water pressure bypass inside the boiler is correctly set. Almost certain that mine was left at the factory default and having 22 rads fed using 10mm microbore, the circuit needed more pressure to get sufficient flow to drop the load into the rads.
In terms of the controller, I find Thermostat mode (Advance Settings) works best else it overshoots if in Modulation - but I'm still experimenting with different heat curves so that's still work-in-progress. The downside with this setting is it's a bit laggy at recognising when the room temp has dropped and firing up the boiler again. I have Frost-Protection only (not set back) for night times; such is the thermal mass of the house that the temp only drops 3 degrees if left off all night anyway mid-winter.
For anyone struggling with the 470f or a continuously-cycling Vaillant boiler I hope the above helps. It's taken me years to get it working well, mainly due to the lack of knowledge in the trade with these weather compensating systems but also due to the poor documentation of the controller. The boiler itself has been great over the years and arguably has done well given it's spent years heating up then cooling down just a few mins later. It's certainly robust.
Oh and before anyone says I shouldn't have adjusted the bypass valve, this is not a gas valve and has nothing to do with a pressure vessel (neither of which I would dream of interfering with without the relevant certification). I think adjustment of the bypass is within the grasp of most DIY-savvy homeowners (and in fact ought really to be accessible via a control on the front).
Finally, I'd say there's no substitute for diagnosing issues like this yourself. Get the readings logged (even if manually), make a small adjustment and re-measure. Every setup is different and it takes time to tune it to the house. I've had lots of frustrating moments with this system but it's been really rewarding getting it refined and working properly.
