Other than unlock certain Perks, is the only thing Perception now does affect weapon accuracy in V.A.T.S.? Specifically, does it no longer determine when red compass markings appear?

Study your Vault-Tec provided, educational materials. https://www.youtube.com/watch?v=Vw21X2jKwCM

Nothing in the video suggests to me that Perception does more than unlock certain Perks and affect weapon accuracy in V.A.T.S.

It might be controversial but I liked the red dots, your caracter is not you.
Uses an mod with enchanted senses like smell for some races like Khajiit and its pretty fun.

To be honest, VATS accuracy is worth it alone for my sort of build.

in fallout 3 it affected how far you could spot locations so i would think it would still do that plus maybe earlier detection of enemies possibly and of course perks and it also affected other skills in fallout 3 so i'm sure its gonna be more than just perks.

it affects when you can see enemies on the radar, how easily you can detect traps and mines.. Most likely it still effects shots outside of vats.. damage%, weapon sway with scoped weapons, stuff like that. Then there's throwing.. I have no idea what affects throwing but surely stats come into play. As we've seen there are no perks for throwing..

Frankly.. we wont' really know what anything does until files are delved into by modders and the game guide is read. All that info will probably come out pretty fast though.

In Fallout 3 and New Vegas, the description of Perception (in the Pip-Boy) actually said it determined when red compass markings (which indicate threats) would appear. In Fallout 4, on the other hand, it says no such thing. Also, in Fallout 4 there are no Skills. This suggests to me that all it now does is affect weapon accuracy in V.A.T.S. and unlock Perks. Before I settle for a Perception of 1, though, I would like to be sure.

So it looks like the description of what it does has been updated... Should put some minds at ease.