I've posted those two things in bug report which were quickly dismissed. Maybe bug report isn't the right spot to bring it up, so I'll go ahead and post it here.
1. Free look button ("V" by default) only works in 3rd person. You can look around you while walking straight.
I think it should also work in 1st person like it is in Mount&Blade.
Reason for that is for example when you raise your shield and walk towards your enemy (being in 1st person if that is your prefered view), you might want to look what going on beside you without orienting your shield into another direction leaving you vulnerable.
2. When you loot something you will be in mouse mode afterwards and not able to look around freely. You have to press tab first.
I would consider this to be a bug as you didn't want to be in mouse mode in the first place.
3. 1st person view should be more immersive.
I think especially when you have your weapon in hands you need to see your hands. Right now you only see a bit of your weapon. It would need to be more like chivalry ideally so you're getting more of a feeling of your body.
Now, I know the camera is certainly only set to where your character's face is. It would need to have 1st person arm models to work perfectly. This could be something for later stages of development.
Please take this thread for any minor suggestions that don't need to have one of their own.