I've finally implemented the trigger based camera system. All cameras and triggers are created and exported from a Max tool. The exported (xml) data is loaded by the game level object. The level object holds a list of scene objects each of which has a unique scene camera system object. Blah blah.. Anyway, the cool thing is that we now have a more cinematic experience as the character moves throughout a scene. The view is interpolated between cameras according to the character's position in the scene. Cameras move along each axis at specific speeds relative to the character's position from the camera's original look at point. Below you can see a side view of the test scene as it looks in Max.
The main advantage to such a system is flowing uninterrupted camera movement. You can watch a wmv movie of it in action if you're interested. [movie]
I could release an isolated version of this camera system if anyone is interested.