Personally, I don't care about capes or any piece of clothing in the game, as I'll be playing in FP.
All I ask is that there are Guars. Beth can recycle the same models from Morrowind, I don't care! Gran Turismo did it! I just want Guars, dammit.
I'll be in 1st person as well. However, I played through Daggerfall in 1st (Obviously), and at least half of my game time was spent shopping for armor, weapons, and clothing, so appearances do matter even if nobody ever sees it.
The other half of my time was mainly stealing horses and selling them back to the same guy come morning.