You can look at Gnometechs camera tutorial on the download page, it's a great primer for camera scripting. But what you're after is camera.tilt
My clients can look up and down (tilt) as well as left and right (pan).
The multiplayer issue has nothing to do with the camera movement, I believe you are looking in the wrong place
In my game I have a part of the model moving when the camera tilt changes, so for me it did matter. I have a skill value that I tied to the camera.tilt value so when the client presses the "look up" or down buttons, that gets sent to the server, this way all the clients see each other looking up or down. But if it's just the camera alone, you don't have to go through all that.
Hope that helps.