Personally, NEITHER!
I don't want the third person camera view to have anything to do with what the character is focused on at all(centered or off center is a moot point in my opinion). For me the point of having a third person camera in the game is so that the player has control over his/her own point of view or perspective within that 360 degree scope at any given time. Whether its while fighting, talking, picking berries, stealing, smithing, standing still, etc. but what they end up creating is a camera that essentially focuses all the charaters actions on the center most point of the camera view. Example: I swing the camera around to look at my character head on, but then when I swing my sword he automatically turns and attacks in the direction that the camera is facing without me physically turning him around, simply because his reticle(central point of focus) is tethered to the camera's central perspective--I don't like this. For me 3rd person is more than just being able to see your character and whats around him. For me its about directing the action as I see fit. Please bethesda, untie the two and make them independant of one another.