Reference: https://members.iracing.com/jforum/posts/list/3651444.page#11589234
Here is a rough summary:
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Field Of View: controls how zoomed in the view is. Ideally this would be set via the FOV calculator on the graphics screen, but you need your monitor to be close to your face for the calculated FOV to be worth using. If you get this 1:1 with reality the view will change just like it does in a real car, if you set it much wider than reality then everything will feel faster, not in a good way. You can adjust this in car via the [ and ] keys
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Driver Height: moves the driving camera up or down the same amount in all cars. Adjust this if you feel short or tall in all cars. You can adjust it on a per car basis in the camera tool by editing the z-offset. You are limited to just a few inches of adjustment here, we don't want you moving your head outside of the car body. You can adjust this in car via the Ctrl[ and Ctrl] keys
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Shift Horizon: is a funky one. It moves the horizon up and down relative to the center of your monitor but does not change the camera geometry in any way. You can use this to shift the dash up into view, or ideally you would use it to move the horizon up to eye level to reduce distortion. You can adjust this in car via the Shift[ and Shift] keys.
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Roll Chassis: blends between your head rolling side to side with the car body or staying level with the ground. At 100% your head moves in sync with the body of the car, and at 0% your head is locked to the horizon and never rolls. Try bringing this down just a bit, say 80% to give the body of your car a bit of motion in a bank.
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Pitch Chassis: blends between your head pitching up and down with the car body or staying level with the ground. At 100% your head moves in sync with the body of the car, and at 0% your head is locked to the horizon and never pitches. Try bringing this down just a bit, say 80% to give the body of your car a bit of motion on a hill.
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Neck Motion: controls a spring in your neck that smooths out the bumps, just like your real head will roll back and forth as you go over a bump in your car. At 100% the neck spring is fully enabled, and at 0% your head is just locked to the chassis (or horizon depending on the above parameters). Try dialing this down a bit if you get sea sick in VR, or if you have a motion platform.
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Rotate with velocity: will point your head in the direction of the slide. By default this is off and your head rotates in sync with the chassis of the car. Try adding in a bit, say 20% and you will see the body of the car move around a bit when you go into an under steer or over steer situation.
