No. I'd rather see improved animations for combat.
Problem: There are only three ways to get those "improved animations", or cool looking combat moves.
1) Randomly selected. When you slash, you get a randomly chosen slash attack, of say 8 each. It's probably how I'd want it.
2) Excessively complex control moves to activate a certain move (2 ups, 1 left). Not for everyone, reflexes differs.
3) A VATS where you select the appropriate available attack, as you also see where you end up after attacking move (yeah, it's really a combo).
4) Last resort, when we grow tired of this fancy stuff, return to mouse button spamming like today, using basic animations only.
The VATS system allows you to view the upcoming strike in slow motion in all its fantastic glory, but so could the complex control combos. A good animation system would have movement in combination with attack (or block/parry) animation. That's the biggest hindrance in an action based combat system, as it's pretty much impossible to do. At the same time, being forced to use VATS all the time would be a show stopper (for me), as combat for me is pretty much an unavoidable consequence of being an adventurer.
So I'd use VATS when I want a good look at what's happening (since I'm too old to remember the complex combos). When this grows old (quickly), I'd switch to randomly selected move for me. And when this grows old or I'm too powerful for anything to stop me I'd just return to the simplified perk driven combat we have today.
But all in all, I favor the current system for its simplicity to use, although we can never have *proper* combat with it.
But the answer "I'd rather see improved animations for combat" doesn't make sense, since combat animations include the movement of a character. I think it's impossible to have this without some advanced system to choose it by.