Amen to that!
Anyway, being able to see at least your legs is a must. Torso and shoulders would be awesome. Do it like in Mirror's Edge, where the camera would actually follow the head when doing somersaults etc.
Imagine: You're running up into the mountains, and this giant comes charging at you. You feel the ground vibrate, stones falling down due to pressure, and his hand grabs you, and throws you away. You're upside down in the air, with no control of your body. Your arms and feet are doing a "waving" motion like in real life. You can only see the sky above and your body. You land on your back (as you land, the screen vibrates) and if you look down, you can see your body and legs lying in the grass. Your character then automatically rises up, and you can see your arms and legs bending, trying to get up.
It was just boring in Oblivion when all combat was just run up to enemy, block, hack, block, slash. You should be able to get thrown by giants, headbutted by minotaurs or pushed by humanoids (so you fly away onto the ground) and so on. You should of course also be able to grab them with telekinesis and so on. MUCH MORE DYNAMIC. It might be hard to make, but there could be a few different "rise up" animations.