I'd prefer an Oblivion like system, where you're able to switch between 1st and 3rd person views.
That idea would be good if it was done well.
Third person view in oblivion was just useless.
So if you choose to implement different perspectives, work them out properly so we are not forced to use one.
It has been a long time so I'm not 100% sure anymore but I thought it was impossible to aim your bow in the 3rd person view in oblivion.
