Okay, so there are degrees and degrees of ickiness with the slide show format since, for me, LHOD has none. At least I'm not looking at disembodied hands out in front of me with lanterns or weapons in this format, as you can in games of another genre where you can look everywhere by panning. That would drive me around the bend.
Degrees of ickiness: Yes, for me too. It really depends on the game. I've enjoyed a lot of slide-show type games, while the movement in some others felt very awkward. But as I said before, some 360 spinning can be disorienting too, unless I can slow it down.
Disembodied hands: So funny! I enjoy RPG games, but I have to agree with you here. I play in 3rd person exclusively, and absolutely love an open world format. But I want to see my entire avatar, not just the arms. The only time I switch to 1st person is to better aim with archery or to look closer at objects during searching.