1st person all the way... Well, almost. I use 3rd person to get a good look at my character, and when walking long distances when I want to keep a lookout. I wouldn't have done this if the game had freelook also in 1st person - look freely in any direction independent on the direction you're walking. Restricting that to 3rd person vanity cam is sheer horror for me. With the notable exception of GTA3, GTA3 Vice, and GTA3 San Andreas, I haven't played any games that doesn't have 1st person. Of this kind, Civilization doesn't count
As a bowwoman (huntress) with a reduced speed for backtracking for the sense of added realism, I sure hope they add freelook to 1st person, or I fear the game will be pretty much unplayable for me.
Yeah, no body awareness is something I fear to. But if I had to choose, I have to say freelook is the most important one. To me anyways.