I am playing around with my NEW Horizon Perfekt, the rotating lens, curbed film plane, pretty noisy, panoramic camera.

The camera itself is great to an extent I expected it to do but I am having hard time understanding it's distortion characteristics. Can someone help me understand this?

I know as much that I'm supposed to keep the camera horizontal and pointing level. I'm going to go shoot a brick wall but can someone who use this type of camera be so kind to summarize what's going on? What really happens when camera is horizontal, pointing up, and pointing down?