Transformation Orientation set to View's Z Axis Function

When setting the transformation "Orientation" in the main UI to "View" It locks transformations to X and Y based upon the active camera's orientation as expected. However, it seems Z within this orientation is utilizing the "Global" Z axis when in my opinion it should be setting the Z axis to be effectively + or - distance FROM the camera. Along like a ray being fired FROM the camera into space. Thanks.