I tried a couple of races with cockpit view a few weeks ago, and it was actually pretty good once I got dialed in to the too-low perspective. Now I understand the complaints people have been having about the wheel and hands being visible.
And while most of the camera shake actually seems too light, I did try a car in which it was almost unbearable. So I agree that it should be adjustable in the options. Of course, I think ALL driver views should be adjustable, as far as where you place, aim them, and how much they move.
That iRacing video though, that's not right either. You don't sit there rock steady while the car shakes all around you. But if you want that, I agree you should have it. As it stands now, I think it's good for most cars.