If Gearbox goes about this right, they could have some points for some incredible scares.
Think about it, all you have it the light on your backpack, and BAM the power goes out.
All that you have are you and your squads lights, I think that removing a HUD could greatly increase the immersiveness in the game.
You spend less time worrying about how many bullets you have in your inventory and more time on the surroundings.
And instead of giving you a motion tracker on your HUD, you have to lift it up like Hudson has to while playing the game, a'la the flashlight in Doom.
Big potential for scares without a HUD.