What does the Camera Offset do?

I was reading the new patch notes (5.3) and saw that tidbit about the camera offset. I know this isn't really exciting or game changing, but I think it's pretty neat - based on what it does.

So far, what I've gathered, is that on the purple side, it moves your camera a bit down and to the left, so when you're heading into lane, you can see past the champion icon and stats, your inventory, your spells, and your map. That, however, seems to pose a bit of a couple of problems; 1. Limited vision on enemies coming from behind you, and 2. Weird camera angles when jungling, heading through the jungle and river, or really anywhere other than a lane. However, I haven't seen anything to confirm this is ACTUALLY what the camera offset does.

Does it switch your camera so it looks like it does when you're playing on the blue side? Does it move a little when your champion moves/turns? I know your're able to toggle this in the menu, and that it's not really recommended that playing keep their screen locked 24/7, but I would still like to know. I would see what it does for myself, but my internet is too slow to download the update - which also means it's FAR too slow to play a game of League. (God I hate satellite...)