I wouldn't argue that the Elder Scrolls needs to be a purely third-person experience. I think the exploration aspect works perfectly fine in first-person. I personally just think that anytime the main character draws a sword, the gameplay would be much better served by withdrawing into a proper, competently handled third-person perspective. Kind of like how Metroid Prime jumped from first-person to third-person whenever Samus went into her Ball mode.
Not only would it make combat less of a chore, but I truly think it would allow for better role-playing options as well. If you want to play as a Tank-esque brawler, then you can still equip your greatsword and go in swinging. But if you're a more rogue-esque/thief character, then third-person would allow developers to include moves that cater more towards that fragile build, athletic of character class. Things like body rolls, jumping off walls, sliding out of danger... a system like that would be much better for players who like to roll faster, lighter characters like thieves and acrobats, as well as still allowing for heavier builds like knights, paladins and such.
Even better, it would mean that each melee weapon could be given its own distinct feel and gameplay style. As it currently stands, all melee weapons in the Elder Scrolls games work pretty much the same. Equip them, then mash on the right trigger to use them. There may be a token +10 stat here or there, but for the most part, gameplay is identical. When you look at how games like Ninja Gaiden or Dark Souls handle different weapon types, however, you see how much gameplay can change simply by choosing a different weapon.
In Ninja Gaiden, for instance, if you choose the Flail, you're choosing a weapon that is incredibly fast, can create insane combos, but has buggerall defensive qualities, and can create holes in your attacks that enemies can exploit. You get the heavier weapons like the Hammer or the Dabilahro, which are much, much slower, but balance that by causing huge damage. And you have things like the Katana, which offers a mix between speed, offense and defense.
What's even better is that not only are the weapons balanced differently, but the combos are completely different. A combo using the Katana, for instance, is completely different from a combo using the Flail, or the Hammer. This reinforces the idea that each weapon is different from each other, that each weapon is unique in how it plays. This is something that I really think RPGs like Skyrim need to take on board. Hammers shouldn't just have different stats to greatswords, they should feel completely different to play with. This is something a third-person combat engine can offer, with its emphasis on combo-gameplay, as opposed to the wailing-on-the-triggers slashy slashy approach the Elder Scrolls games currently employ.