I would personally go for (and am using it in my own project) the approach that allows the camera to be moved. This allows the player to see everything not covered in the fog of War.

This seems even more important given the fact that the player in my game may control several characters and these may be scattered across the map.

However, to avoid the problem of disorienting the player I am using same technique as in Baldur''s Gate:
The view always has an arrow in the direction where each player is so they are easy to find.

An alternative technique could be to centered the camera on a character every time the player ordered him to move. This would orient the camera automatically every time needed and would still allows the player to examine the map in detail.

Just my 2 cents.

Jacob Marner