The only time I found the camera to be inconsistant was during cut scenes. I fiddled with the settings quite a bit here, did get some decent screens during cutscenes but it became a chore after a while so I gave up and watched them in 2D.
I mainly used 325.35%/.0225 to keep the aiming more accurate and some of the ghosting to a minimum. At times just for looking around in the Citadel (and goofing around) I bumped things up to 1160.95%/.0168. In the Mako I could go up as far as 4201%/.0021 (crazy yes and it did look like you were playing inside a box).
You can get really deep S3D. I thought this game looked quite good despite the crosstalk.
My hypothesis is that it's mainly the FOV. When the camera is right up to a character's face, the FOV is soooooo small that convergence starts to go cookoo. At long range, everything seems normal.
I don't like games that make me have to switch presets depending on the circumstance within the game (e.g. in-combat, or in-dialogue, or in-cutscene all require different separation/convergence settings)
CPU: AMD Phenom 9850 2.5 ghz X4
GPU: EVGA GTX 260 896 MB PCI-E 2.0
OS: Windows XP Service Pack 2
3D Solution: Red/Cyan glasses
Stereo driver: iZ3D v1.09