//in enterframe function 
         hoverCamera(currentObject); 
          
         //function 
         private function hoverCamera(_currentObject:ObjectContainer3D):void 
         { 
              var mX:Number = this.mouseX > 0 ? this.mouseX : 0; 
              var mZ:Number = this.mouseY > 0 ? this.mouseY : 0; 
               
              var tarX:Number = 3*(mX - stage.stageWidth/2); 
              var tarZ:Number = -2*(mZ - stage.stageHeight/2); 
               
              var dX:Number = camera.x - tarX; 
              var dZ:Number = camera.z - tarZ; 
               
              camera.x -= dX*0.25; 
              camera.z -= dZ*0.25; 
              camera.lookAt(new Number3D(_currentObject.x, 50, _currentObject.z)); 
         }

http://www.destroyyourcomputer.com

Hover around an Object in away3D (will work with papervision3d and other 3D libraries, just plug in the correct data)

Away3D Object Hover Camera Functionality

ActionScript 3