Probably worth mentioning that on CM12.1 with sensorsfix3.zip applied the z-axis lagging also affects rear camera in photo mode (video and front camera works smooth)

On the other hand, Cameraplus from openrepos works ok, so it must be something inside stock app that uses accelerometer.

Edit:

Fiddled with the cameraplus and it only allows to select 2Mpx in 16:9 proportions, while in system app I had 6Mpx selected, after switching to 8Mpx in 4:3 proportion even stock camera app started working ok. Weird...