The ultimate RPG would be a the love child og TES and New World Computing's Might and Magic.
Basically TES, but with a party of four instead of one hero. But instead of controlling all the heroes by yourself, you would controll one hero, and you could play the whole game coop with three or four friends.
God I miss M&M 6&7 and HOMM 3 now. Those were my childhood games. Why would you do this to me? I never played 8 but I hear the world got blown the hell up or something. Basically...the old world svcks so here is a new [censored]tier version. Enjoy HOMM 4-6 and Dark Messiah of Might and Magic...FML. It would be a dream to see that series redone with Skyrim-esque graphics and a realized world. HoMM 6 is...meh better than 4 and 5 methinks though it still feels like it is in the friggin beta stage.
Heroes of Might and Magic series. The ones with Archangel units. Would love to play as winged Archangel for a change.

They had a first person view of that series. It was called the Might and Magic series. 10 games long I think.
I always thought a combination of TES games with "Heroes of Might and Magic" games would be really interesting.
Consider that you could gradually accumulate a small army by your side, and when you encountered another group of NPCs/monsters, they either attacked you and you looted the corpses, or they decided to avoid the fight and if you had enough "Speechcraft" skill, you could negotiate with them and recruit some of their forces, and go on to another battle.
You could conquer enemy castles and make your bases there and start to manage the castle and the county around it to make profit to be able to recruit even more army and/or smiths, miners or farmers and so on...
I have thought about the concept a lot and I think that if a developer tries to make a living 3d world that is combined of TES series and Heroes series, it can become a great game.
Would be fantastic but what would the Units be? That is my biggest concern. Don't see how it would pan out unless they are all humanoid units which would svck.
I do love the fact that Might and Magic got mentioned multiple times though. Makes me nostalgic lol.
Might and Magic aside I think one of the best game combos would have to be a TES game with some aspects of interactivity with objects and puzzles like Zelda has. Fun mini-games to do as well. Use my sword as a primitive lawnmower....