The camera acts as a remote interface that the player can access from anywhere. Currently when used, it allows the user to have a visual view of where it is placed. As of Update 01.068, the camera view can be zoomed in and out via the mouse wheel.
The camera can be activated through the control panel. Once in camera view, the player can zoom and control the ship as if they were using a Cockpit.
Currently, the camera block is able to emulate the viewing component of the Cockpit without the Free View component. You will be able to pan/tilt/rotate in the future as well.