This is indeed an interesting thread!
Basically we have 3 factors that come into play: virtual camera position, image plane position, and observer viewpoint.
The image plane is the portion of the virtual scene that the virtual camera sees, and hence what goes to your monitor or projector. (One example of this is how the image plane changes in relation to the virtual camera when you use zoom). Check out: http://paulbourke.net/miscellaneous/frustum/
The image plane and the virtual camera are usually tied together, so the the image plane is always centered and perpendicular to the virtual camera. This leaves the vanishing point (also called frustum) in the center of your screen!
If you want to move the vanishing point (frustum) on your screen to fit the observer viewpoint in relation to the screen, you gain nothing from moving the camera position (since the image plane just follows). Instead we need to move the image plane in relation to the virtual camera!
see: http://paulbourke.net/miscellaneous/caev/
This is commonly used in VR installations, where you are tracking the observer viewpoint in relation to the screens, in both x, y and z.
THE PROBLEM: How do you change this relation in Direct3D? I know it is possible using OpenGL - but haven't yet found the solution for doing it in Direct3D - much less directly in FSX. If anyone can help here I too would be grateful!
C