The microstutter was making me sick. I had to find what was my cause, or quit playing the game for now. It seamed worse now then it had been. couldn't think of why. But after 2 hours of trying many many things I found it for me.
Place to see it at its worst. "The Hall of Attainment" Up stairs where the Blue Light column hits the ceiling, makes this really show up. For this test stand perfectly still, Look up at the ceiling (in First person) .Looking at the ceiling, move slow and steady as you can. Sick to your stomach yet? The camera jitters and shakes.
Exit game . Turn OFF AO (ambient occlusion).
Load Game...Smile its gone!!
I tried so many things, 8-10 different settings in the INI, Change report rate on mouse (G-3) From 250 ,500 , 1000 & DPI for Mouse from 200 - 2000 . Game detect on the mouse on & off. OS implementation / Setpoint implementation. None of this changed it in the least.
I tested with Compat. for Skyrim and Oblivion. its worse with Skyrim profile. All settings, Performance , Quality , and High Quality ALL have it.
Hope this helps...

EDIT to add....."The Hall of Attainment" is located in the College of Winterhold.
http://i232.photobucket.com/albums/ee72/camaro_69_327/TESV_2011_12_12_20_47_24_508.jpg
