There are so many of these threads, I'm not sure what hasn't already been said but...
I would love to see a more immersive first person viewpoint. Think along the lines of Crysis, or Mirror's Edge. If you look down, you can see your body. You can see your own shadow creeping along the walls in the flickering candlelight. If you jump (Oh please, execute the jumping in a believable manner this time, please.) you can hear the struggle and the impact, and you can see your legs come up while in the air and bend to absorb the shock.
Taking it to the next level, this viewpoint could be executed for simple tasks too. When reading a book, instead of opening a separate "book" window, you can see your own arm pick it up, open it, and flip through the pages, bringing it close enough to read easily. Likewise, you can see yourself put it away, or back down on the table in first person. If you drink a potion, you'll see yourself pull it out of your pack, uncork it, chug it, and toss it away. Apply this concept to alchemy, harvesting alchemy ingredients, and everything else in the game will really allow you to feel like you are the character you're playing as.
Not to mention how much more fun it would be to jump over a cliff and be able to look down and see your legs kicking and your arms reaching towards an edge. I think grabbing onto edges combined with immersive first-person view would be amazing, at worst. (meaning it'd be awesome no matter what) If they added climbing, edge-grabbing, and more realistic ragdoll+animation the game would be close to perfect (for me, anyway). By the way, I mean realistic ragdoll combined with animations. So if you hit somebody with a spell, they fall backwards, and get up, but in a way that makes it believable. Or if you smack somebody with a sword they react somewhat realistically, so they could add a very light ragdoll effect.
There was this one example in naturalmotion euphoria where it showed somebody swinging a sword, and it went into a block of somekind, and it showed the animation which they were set to. And they actually had to pull the sword out of the block, but their animation was to keep swinging their sword, because they had a bit of a ragdoll effect included, it just looked amazing. It was an adaptive animation, they swung the sword, it went into the block, and instead of following the animation and just having the sword pass right through, they had to yank the sword out of the block first. In Mirror's Edge, my favorite thing was to jump onto my back and look at the sky when I wasn't being chased by somebody, I could see my character's body, and I sort-of felt like I was in the game.
But, it's not what I want, it's what everybody else would want. Gotta think in a global sense here, so do you guys agree, or am I small percentage of acrobatic-loving/realism-wanting people among the Bethesda Forums?
(I'm being serious, I know how annoying it can be if somebody's preaching their ideas and they don't sound good)