It's very disorienting and makes a lot of people sick. I've had to reload from a save several times now due to being in an area with landmines and the camera geadbob messing up my aim when trying to disarm them, promptly killing me.
I don't see an option to remove this "feature" anywhere, and REALLY just want it gone. I have no idea why it was added in in the first place, it breaks immersion, makes many people sick, is very disorienting, and has been messing up my aim ever since I started playing.