I respectfully disagree with almost everything, first how can do you equate a cover system with the word "arcade"?
Having served briefly in the army I can tell you one of the first things you learn in basic training is the concept of cover/concealment, the different types of cover, different ways of taking cover, how to approach, etc. It is an essential element of any semi-realistic shooter. Besides you don't have to uses the cover system in the game if that is not your preference, but don't take it away for everyone else.
Also I certainly don't want to see this game as an FPS, I would be very reluctant to buy it if they went in that direction. To me the FPS genre is both way overdone and also very unrealistic. You basically have no peripheral vision and are forced to completely turn your body to see what the hell is going on.
Plus I like seeing the player model on screen, it creates more of a connection. (I would actually like if you could customize the gear in single-player.