In an email forwarded to GotFrag, Valve reveals an update is in the works for Source TV to be released soon.

We have some SourceTV changes in the pipe, they will hopefully ship around Episode One's release. - Alfred Reynolds, Valve Software

Update: GotFrag has received the following response directly from Valve;

yes, SourceTV will be updated soon. beside a bunch of bug fixes it will include first person views. - Martin Otten - Valve Software

Big thanks to Martin Otten and Alfred Reynolds of Valve Software for the replies.