@CameraLuv : You're absolutely right ! I'm now playing this game with a camera hack (I own a legal copy obviously) and having a lot of fun.
I've owned Dugeon Siege 3 for several years and couldn't get past this atrocious camera angle. I had shelved the game with no hope of ever playing it again. And then I found your post and I searched for solutions on the net once more, And I was successful !
With a camera hack the game is really great (sure there are a few quirks but since you can adjust your camera at anytime, they're not problematic) and I really enjoy the story so far.
Let it be a lesson to developers (and I mean this in a constructive way) : listen to your fans and give them options - don't restrict your game, specially when it comes to the pc version.
Without this hack/mod I wouldn't have appreciated the hard work you've put in this game.
I had given up on the Dungeon Siege franchise, but now there's hope at least that if a new episode comes out, we'll get some real playability (please, no more restrictive camera...).