Had a lot of fun with it in New Vegas. Hunting animals, searching through old refrigerators just to find food and water combined with survival made the game a lot more immersive.

I wouldn't want New Vegas style food system in this game, but old Ultima style where provisions only become a factor when you travel on the overland map might be good. Another element for that mode and could even bring up some extra skill use if you could use the Survival skill to forage for more food on a suitable terrain. So the food would be ignored in the dungeons and towns, but matter when traveling long distances. Sounds reasonable for me.

 

If you want a cRPG that's all about hunger, thirst and fatigue, you should check out UnReal World.

The system someone described earlier where food was handled like gold and fuelled health regeneration during rest seemed like an acceptable compromise.

 

Also, re: arrows, it never made sense that I couldn't get those back from the corpses of my enemies. I have a bow and 8 arrows and I've used those arrows for months and months. I just pull them out of the target after I'm done.