I have now played with this effect while attacking a convoy and I have to say that this mod is a great atmosphere enhancer. The unstabilized camera gives the perfect illusion of watching the events from the deck of a ship bouncing on the waves and if you're forced to dive you dive into a sea with plancton and whatnot and not just a blue nothingness.
This mod is like KB's Diesel Sound mod, it only changes the tiniest part of the game, but once you try it you realize that you just can't play without it because these kinds of mods take you inside the game world. Just like KB's diesel sound making a big difference to the feeling of speed when the engines start really roaring at full RPM's this mod helps one distinguish between sailing along slowly at 8 knots versus full speed at 15 - 16 knots as the seasick effect gets the worse the faster one travels