jfro,
when you do this does it try to bias itself back to center when the helicopter yaws?
Short answer yes if I understand the question, Long answer:
Yaw, I have follow on with a little dead band. Flying straight, gimbal stays steady looking ahead. If I yaw copter to the right or maybe fly to the right, the yaw will smoothly follow. I have the 18 or 20 degree max set up, so I generally don't' see my forward legs unless it's real fast or when I took off, the yaw was cocked a few degrees to one side. After initialization, if your yaw or pitch is off, (not roll), you can manually move it so I always check that my camera lens is straight forward before taking off. With follow mode on, I'd say withing 2-3 seconds the yaw will be back centered to where it was when you took off when the copter yaws. Very usable for smooth yaw.
The horizon (roll) is pretty much the same, but starting point is whatever it is when you take off. If wrong, you need to re-initials with power off or reboot button. If you launch from flat ground, it will be good. If you are on a slope, you will have to do a little work. If the horizon drops low on the left or right side during a yaw or turn, it will come back to level within a few seconds . It's still a work in progress, so haven't figured out a way to defeat it or make it better. It seems to me that most controllers so of drop on the horizon's side opposite of the yaw or turn.
I always turn my camera on last and have the horizon line on the preview to check level. If off, it's best to reboot. They are trying to tweak things abit for when launching off slopes.