So many people say this is not a big deal and they'd rather see it going towards other things in the game (developing more weapons, etc.), which I think is stupid. I hate the trend of FPS's and games in the first person perspective to play as a floating camera. I get the technology limitations we used to have, but those aren't a problem anymore. Being able to look down in first person and see the clothes you're wearing in game would be incredible. If that doesn't happen, though, just being able to see your legs (like some FPS's today) would add to the immersion.
The Elder Scrolls series is all about immersion. Imagine climbing up those 7,000 steps in game, looking down, and watching your characters legs scale the steps with unique animations. Some people find this stupid, but the immersion it adds is really awesome.
And I get you can go into third person mode to see what you're wearing in the game and previous games. But that breaks immersion too. Do you go into third person mode in real life to see what you look like?