Isn't that what caused the PS1 graphics "wobble"? I remember you could just stare at a wall, rotate the camera, and the textures would slightly jitter and move. It's really obvious in some the Metal Gear cutscenes, especially this conversation with Donald Anderson where the camera pans up from the floor (at 15m) or the sweep(15m31s):

https://www.youtube.com/watch?v=VLTqIXZ1jQQ#t=15m00s

I never had a PS1 but it always bugged me when playing on someone elses.