This command enables Skyrim's 'animator camera'. The animator camera allows you to change the position of the camera (rotate, zoom, move). Whilst in animator camera mode, the camera will stop following the player.
If the animator camera is disabled, the above command would enable the animator camera, otherwise running the command would disable the animator camera.
The animcam command has the same function as ToggleAnimatorCam - it is an alias (shorter version).