In Oblivion, there was only one real choice when it came to the ingame view mode, and that was first person. However, since the release of Fallout 3 and New Vegas, I have developed a taste for third person game play. Oblivion's the third person was horrible. It was nothing more than a vanity mode so you could see what your character looked like. Operating in it was nearly impossible. All that really worked was melee combat, but even that had its problems with the camera "sliding" and not offering a viable view for combat. However, in fallout 3 and new vegas, game play was fully functional in both view modes. I found this to be highly enjoyable as it allowed me to play in both view modes to full effect.
This causes me to ask, will TES5 have a third person similar to Fallout or Oblivion?
Personally, I would like to see it more like Fallout's and allow players to be able to play effectively in both first and third person view modes, depending on the players individual playstyle. Hopefully, the developers of Skyrim learned something from Fallout 3 and New Vegas and have decided to make the third person view just as playable as the first person.