Definetly needs to have ability to look around with naked eye while "equiping" binoculars. Right click to lower you binos would work fine.
It felt so unnatural in arma 2 and I really hope this to be addressed in arma 3. It is just so fundamental character behaviour and functionaly easy to implement in base game.
Maybe some mods like ace could make it work right sure, but this is just too simple and useful feature for that imo.