I'd rather just have the old one. You don't want to see all of yourself, that just takes away from the environment.

Wait a sec.
He is new to the form and he didn't get a fishy stick?
Quickly, get this man a fishy stick, people!
(I'm to lazy. -_-)

Anyway.
Are you talking about being able to see your whole body while in first person?
If yes, then I support it all the way.
Also, I think that our character should start to use legs in similar way OP described it.
They are good fighting tool also.

Supporting the OP. First person combat/camera needs to be updated to modern levels. It should have been in Oblivion.

I really just want to be able to kick people... and see it happening visually. It would also look nice while climbing on/off a horse.