I'd be happy to have the option of sheathes that are permanently full or empty based on costume. Sheathes that respond to draw would be nice. But, I don't expect for them to give us a sheathing option.
Purely cosmetic would be perfectly fine for me. Plus, it'd allow us to add weapons to characters that don't actually use them. This applies to shields strapped on character backs too.
If at any point in the future they manage to add animations to them it'd be nice. But, if the option is to have them or not, based solely on if they animate or not? I say roll on cosmetic full and empty sheathes every time.
Thanks for the input. Guess we're the only ones interested in getting rid of the cyberspace redraw animation. 
- Im Not Talking Fast, You're Just Listening Slow.
- To Each His Own
I know weapons in-game can't be sheathed due to clipping issues and what not. But what if there were a way around it? I made a character concept whom summoned his weapon in a flash of light, sort of like the Keyblade from Kingdom Hearts. So I figured, why not throw the suggestion here?
Summon #1 - Weapon appears in your hand al la a subtle flash of light, fire, darkness, etc... whatever works for the character.
Summo #2 - Similar to how Thor summons his hammer and the Jedi summon their lightsabers, you simply hold out your hand and it finds its way to it.
Hmm...anyways, that's all I could come up with, if anyone can think of more than please share. I've just always found it quite saddening having to draw a weapon from cyber space. This gives a way to justify it, while at the same time, adding spice to the process.
- Im Not Talking Fast, You're Just Listening Slow.
- To Each His Own