I think so, imagine a great set piece where npc's are battling each other on horses. Or maybe like the movies foot soldiers are fighting then the Calvary comes and sweep the enemies for victory. Or maybe a quest where you have to chase a npc and kill them while using mounted combat. What do you guys think?

They seem like good ideas to me. I'm also hoping they'll tone down the horses a little in the sense that they don't attack everything that moves. But in the case of mounted combat, perhaps horse armor wouldn't be such a bad idea either?
As long as I can take care of those damned wolves without having to dismount, I'm happy.

I personally just think that Mounted Combat was added almost out of necessity to make horses useful in a sense that they aren't detrimental to exploration anymore. It was infuriating having to dismount to kill every wolf that attacked, at least now we can swipe them and gallop along our merry-olde way.