I would LOVE to be able to look down and see my body and legs trudging through snow.
And even better would be the ability to have a helmet obscure your field of vision. But the helmet would have to be either a hardcoe mode only thing or an option that can be ticked on and off to prevent people from whining.
Couple that with a video headset and holy hell, you will be IN Skyrim.
Well... the thing about helmet view is, it never really looks anything other than cheesy in games like this. Keep in mind that unless you do have a video headset, you're ALWAYS going to be looking at your helmet as a pasted-on shape on a flat screen. If they do it so that it completely obstructs portions of your vision then that won't make much sense - most helmets have their bits in your peripheral vision, where they aren't going to obstruct it most any of the time. But then, if they do what a lot of developers do and make it transparent, it'll just look... well, stupid and cheap. Either way, it doesn't really work to improve immersion - at best, it just needlessly obstructs your view of the game.
EDIT: That said, I'd be surprised if you can't see something when you look down. This was one of the features I saw people asking for the most leading up to Oblivion, and there were quite a few requests for it with Fallout 3 as well. It's something people have been hounding Bethesda to do for a long time, and they have no real reason not to.