When you enter the 3rd person camera, you can hold the L2 button down and use the joystick to zoom. The camera position that you zoom to will lock in place (as it should) only if you zoom in, but if you try to zoom out, it snaps you back to where you were. I'm pretty sure that this wasn't intended... since in Fallout 3 you could lock the camera at any zoom range in or out.