Furthest one. Right now I find it to work pretty darn great. It stick to the center of the car in horizontal movement and only shows the side of the car when you're in an actual slide, which is good. Though lack of any actual drifting action makes it hard to tell if there's anything to improve in that aspect. I'll be sure to point that out though if it will become an issue. #ChaseCamWarrior
As to vertical movement it's hard to tell right now, since when it comes to vertical we usually just jump xD But to make it easier seeing when driving uphill/downhill I suggest taking a look at how chase camera works in that regard in DiRT Rally. In that single thing, Codemasters have outdone themselves. Rest about the chase camera is a bit wonky though.
Also, when we're driving upside down, could there be an option in the HUD settings to "swap" the positions of the pick-ups? It may not be an issue for some people, but I often get the confused which pick-up is which at that point. By swap I mean the left pick-up swaps positions on the HUD with the right one only when we're driving upside down. May seem slightly off-topic, but this is an issue for me only when I drive with chase camera. When I tried with bumper, no such problem. Therefore an option in the settings for those that want it would be most preferable.
Giving an ability for everyone to the camera to their needs, something like in Rocket League, would probably be best IMO. No one could even moan about camera at that point