The way it works in real life is persistance of vision. It just APPEARS to bend, as you're aware. Creating that effect would depend on the frame rate at which you're working. If it's low, like 23.976, you'd have to do a lot of faking. You might try Mesh Warp to pull it off.
i wonder if u duplicated the footage once or twice, dropped transparency down on top layer(s) and moved the top footage(s) slightly to the right so that it might create that "wobble" effect if the object in the footage is moving side to side or up and down, let me know if that works?
For the pencil example I would try a combination of a comp shutter angle of 720º and a shutter phase of -360º plus CC Force Motion Blur and CC Wide Time:
This comp will give you a kind of slow motion version of the wiggles pencil effect: Dropbox - WiggleyPencil_CC12.aep (Note: your browser may add a .txt extension to the file. Just delete it and you should be able to open the file). When you start throwing in temporal effects and a lot of motion blur samples you can expect the render time to go way up.