bariscigal - Thanks. Here's a little diagram I whipped up to show how the offset system works:
<img src="http://dl.getdropbox.com/u/917406/diagram.png">
How this works is that, given an offset angle, the camera will be displaced from the followed object at the given angle to a point X pixels out from the object(X being the offset distance). So given an angle of 42 degrees at a distance of 50 pixels, the relative X and Y positions of the camera from the followed object would be:
X = 37.16
Y = 33.46
If you want to set the offset to a specific X and Y offset, you can use the following method:
Offset distance = distance(0, 0, RX, RY)
Offset angle = angle(0, 0, RX, RY)
Where RX is the relative X value of the camera from the followed object, and RY is the relative Y value.
Hope that clears things up.