In Inventor 2009, an additional, optional orbit behavior was added, known as constrained orbit. Again, unless you are an AutoCAD user, this behavior may be new to you. For the existing orbit behavior, the orbit is free about the screen axes. For constrained orbit, the orbit is constrained about the Up direction of the model.
To see the difference between the two types:
Notice that the orbit axis is parallel to the screen.
If you are an AutoCAD user and new to Autodesk Inventor, you may find Constrained Orbit familiar and comfortable.