That's basically it. Here's a full example.
Sync On
Sync Rate 0
Make Object Sphere 1, 20
Make Matrix 1, 1000, 1000, 25, 25
Position Matrix 1, -500, -20, -500
Make Object Cube 2, 10
Make Object Cube 3, 10
Make Object Cube 4, 10
Position Object 2, -30, 0, 0
Position Object 3, -20, 0, 30
Position Object 4, 30, 0, -30
Global Angle# As Float
AnyHeight = 30
DistanceAway# = 50
SpinSpeed# = 0.5
Do
Angle# = Angle# + SpinSpeed#
ZPos# = Sin(Angle#) * DistanceAway#
XPos# = Cos(Angle#) * DistanceAway#
Position Camera XPos#, AnyHeight, ZPos#
Point Camera Object Position X(1), Object Position Y(1), Object Position Z(1)
Sync
Loop
Play with the different variables to see how it works. I added in the matrix and 3 cubes so you can see it properly, otherwise the sphere would just look like it's spinning (which it isn't).

"Computers are useless they can only give you answers."