It uses normal linear perspective with a flat image plane. This means it will always be less than 180 degrees, and as you approach 180 the distortion becomes greater.
It's analogous to a painter painting a flat canvas, or a piece of glass looking through a window. Most artists suggest about 60 degrees. You are best to imagine your client observing the scene through a window. Work out the angle subtended through that window.
For large angles you either need to display on a really really big screen, or you need to put your face really really near the screen to match the centre of projection. That's why it looks distorted when viewed from a normal eye/monitor distance.
It would be nice if ArcGIS would mention these things in their documentation, but let's face it, documentation is hardly their strong point, particularly with ArcScene.