Here's a video explaining exactly this: http://www.youtube.com/watch?feature=player_embedded&v=VSj_4UXNnA0
And yes it does involve 3dsMax, though I'm pretty sure this technique will work with most animation programs. Using this technique will give you A LOT more control over the cameras than demo smoothing, and likely has less errors. It also allows you to keep the camera movement if you edit a map.
That said, I really have no idea how to solve the animation playback problem, but that doesn't mean others don't.