I hope that they added a feature that will allow your character to "see" themself in the first person view, such as feet and torso. For example, look at Far Cry 2.
I remember when this question was asked when Oblivion came out and at the time it did not seem like a big deal. Now after playing it in other games, it definitely adds immersion.
In addition, I would like to see more interaction with containers and doors. You should be able to see the the character's hands interacting and opening containers or doors. Again, look at Far Cry 2, you can see the character repairing a vehicle, or healing themself, etc.
For an Elders Scrolls game, being able to see armor or enchanments on self would be significant. After all, the Elder Scrolls series has done the best job of focusing on the story from the Character's perspective.
What do all of you think?