The camera just wiggled slightly when you were sprinting... I'd hate to be around you if you ever played Mirror's Edge. Anyway, I agree with the OP.
it did more than that, bro. when you got into a car, for instance, the camera would go through the motions of actually getting into the car, where most first-person games featuring driving would switch to third-person (Borderlands, Precursors) or just instantly teleport you in with no animation (Battlefield, Crysis).
that said, i would really like it if things like getting knocked over would be rendered in first-person. i've never liked when games randomly switch perspectives for ANY reason, and for stuff like combat it's really kind of dumb. Metro 2033 did an amazing job of first-person viewpoints for really chaotic scenes (falling out of the rail transport, for instance) without body awareness, and Mirror's Edge did the same but WITH body awareness.
It kind of bugs me that quite a few games now seem to be mainly first person but then switches to third person whenever in cover,
it's hard to do a cover system in first-person, though. i get your complaint and for the most part i do think that more developers should try to come up with ways AROUND that instead of just forcing you to change perspectives (i've got a few ideas of my own for how to handle it), but.
also from what i've seen actual GoW-esque cover systems in first-person games are pretty rare. most games just have crouching behind crates or leaning around walls. the only game i can think of off the top of my head that's actually incorporating a fully first-person cover system is Red Orchestra 2.