Assassin's Creed does birds very well, maybe Bethesda could look into that.
Assassin's Creed does birds of prey terribly!
They stick them on top of tall buildings as indicators, using models of birds that don't live, and never have lived, in those countries, and then give them bird calls that belong to a different species. Eugh. Red Dead Redemption did birds of prey well. As they did the whole environment well.
As far as being a gameplay mechanic, yeah it could definitely work. Just so long as it didn't become something everyone wanted, either because it was the only cool additional mechanic in the game or it was too overpowered, and every screenshot showed a character posing with his hawk, ala Fable 2 and the dog.