I'd honestly prefer if it was something like Fable/Zelda/whatever else, where your character doesn't always face the direction the camera's facing in third person and where they attack in the direction that they're looking rather than in the direction that the camera's looking. That's been the standard for third-person action games (outside of shooters) for a pretty long time. Looks like we're going to be getting an over-the-shoulder view with Skyrim if Pete Hines' Twitter is any indication, though.
EDIT:
I know they have made changes to third person. I want the one they have now, it's probably good.
Given Bethesda's track record, I wouldn't be optimistic. They've said that they'd made major improvements and fixed it several times, and it's never been true.