Does lookAt track an object or is it a shortcut for a point?

[azaroth42]

If lookAt is interpreted as a shortcut to defining a point -- e.g. look at the centroid point of this model when the scene is built, regardless of whether the model is visible, hidden or has been moved completely -- or look at the model, regardless of where it happens to be if it has been moved, animated or whatever. Thus if you move the object and there's a lookAt that references it, does it track the movement or does it stay static?

[azaroth42]

Can the camera move and/or change focal length to ensure that the looked at thing is visible? Especially if the looked at thing is animated or otherwise dynamically transformed?