
The rolling log effect is still there, but this is the closest any game since the GameCube original has gotten to replicating the top-down look.

Which is the next best thing to having a GC camera option like I've wanted since Wild World.

(I've never cared for the rolling log effect, though tbh if they removed it I might actually miss it...)
Edit- For comparison:

Really studying the differences in New Leaf and New Horizons, the actual horizon has been moved a little further lower from the top of the screen, but the rolling "down" effect at the bottom of the screen is way less pronounced.
Basically in NL, objects at the bottom of the screen would look tilted forward almost 90 degrees when they cross the bottom of the screen. But in NH, they remain much more "flat" as they cross the boundary of the screen. This is far more pleasant, though it really reminds me of City Folk so I may need to do a comparison there as well...