It is much more user friendly then rotating around a point in space you must "look-at", especially when building rooms.
The only thing slightly capable of a nice camera view would be flying mode, but that's not what I am talking about since you cannot edit anything ether then.
In case you wonder how one can use the mouse buttons since it already interacts with everything in the world, the solution would be to hold CTRL down to "touch&move" things.
I wish there was a script or addon out there that could make the UnrealED style camera possible!!

p.s. if someone could point me to the script handling the 3D camera that would be great too, I can't find it.