Just found this out!

About this article

I have been seeing posts recently about new things people have discovered in Day Z despite having played a ton of hours and I discovered one of my own. when walking, running, using a water pump or cooking over a fire (etc) if you hold your left bumper, you can free look with the right stick (full 360 as opposed to limited view) without changing your direction of travel / interrupting the action your doing. I don't know if this is console specific but I assume it would work on PS as well, but ...