Using static camera, You can play easily levels without boundaries, just need practice. Also, remember that, to have "equilibrium" state (state, when everything is balanced), you need to hold N900 perfectly flat. From that point, increasing or decreasing angle is quite intuitive. Just need some training.

Personally, most of the time (except half pipes and such) i prefer lazy camera, than static. It's just matter of preferences - except that crazy camera is unplayable

As for sensitivity, unfortunately, current version ignores sens settings from config file.