Not all race tracks are smooth. Some have very noticeable bumps and undulations, the Nordschleife is a good example of this. Another example of a race track with more bumps than a chocolate lover's face is Sebring. That track is a former runway and taxi way for airplanes. It's comprised of concrete slabs an patchy asphalt in some connecting places. Smoothness isn't one of it's best descriptors.
I'll agree that the vertical camera motion is a bit excessive. And then there are times where the camera's lack of motion contributes to the game coming across as numb. Except for the last turn, Sebring in FM7 feels like a calm Sunday drive down 5th Avenue.
There are a ton of things I hope they fix for FM8, but, for now I am just going to wait until FM8 has gotten the thumbs up from users, before I even consider buying it.
Time to hit the road.
Take care!