Theres nothing more distracting then a HUD when your playing a realistic combat simulation.
In Skyrim I used a mod that completely removed the HUD unless you were in combat or in the inventory, and even then all it showed was the health bar, that means no progress bar, no quest updates, no quest markers, no reticle or crosshair, nothing to distract me from the game world.
Im hoping that some one will make a mod, or the devs add an option to completely remove the HUD when its not needed.
If for nothing than to marvel at the gorgeous game world.