I think it would be nice if Notch could make you see your own legs while in first person view. Like for example, you look down and see your characters legs still, when you start to run they should move back and forth like in 3rd person view. This would be like a cosmetic feature for your character, kinda like bobbing. Also, if you do not want to see your legs, or if it lags up minecraft a little bit you should have a button in the Video Setting called "View Legs". Your legs would have the same skin as your legs in 3rd person view or in the inventory, its kinda like your fist when you are unarmed.
Seeing your legs in first person view.
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