A recent attempt to use the FOLLOW ME mode resulted in the quad being unable to keep up with the subject mountain bike. The bike was moving along at a pretty good clip but the quad fell further and further behind. Is there a parameter that needs to be adjusted? I’m not sure if I should between waypoints speed is the answer or should the quad have kept up without any tweeking?
Yes, increasing the waypoint speed will help it keep up, but the top speed of any quad is going to be limited to about 10m/s, which is not as fast as you can ride a bike. I’d recommend starting in lead-me mode, and then as you speed up it will do it’s best to keep up behind you. At least in that case, you’ll have a nice cinematic pan from front to back, until you slow down or let it fall behind.
What Chris says is generally correct. But just so that this is a complete answer, a really good quad should be able to do 15 m/s, and even 20 m/s is possible. 10 m/s is not a limit of quadcopter technology, but is just typical of what you get from most RTF systems.