1st person cams have never been great. If you want to see your body, go in 3rd person. It's not important to have the body in 1st person, and it takes more time than it would be good for.
Have first person cams held your sword awkwardly and acted unnaturally since the beginning of time? Yes. Does it matter? No.
No no no... It's not about 3rd person, it's about the immersion in 1st person. Check out the Arma2 video I posted above. They've managed perfectly that awkwardly and unnatural feeling, and to me, yes it does matter. Like in the 7000 steps thread, watch the videos. It would be awesome if you actually had to thread carefully on some of those passages to get over - one slip and down you go. Besides, you're most likely to be in some kind of armor or heavy clothing most of the time. Real world uniforms for women soldiers doesn't show much "features". If you do a lot of acrobatic moves in a party gown that may enhance these "features", and have a problem with it, then all you have to do is adjust your roleplaying and maybe dress up more like a thief. Sacrificing good gameplay possibilities (the balanced plank walk, freelook, trackIR) and immersion on these grounds are bad.
@ KCat:
Good example. and btw, I also want to be able to have fully locked 1st person for absolutely everything, like sitting down, getting paralyzed, knocked down etc.