To me it doesn't feel like I'm falling down somewhere. I'd expect to accelerate until a given point, not move with a constant velocity. What would it make more convincing IMO is being able to look around - usually in first person games moving the mouse horizontally makes you rotate on your vertical axis, so you'd probably get an immediate sense of direction. Though looking all the way down in this manner on the other hand is often not very comfortable. Maybe it would work better to actually be jumping down a hole, accelerate while in free fall (up to a given maximum because of air resistance), avoiding obstacles and having to land on a platform using a parachute, then jump down the next hole (level) and so on.
I find it hard to guess when/if I hit any obstacle or how close I am to one. So overall I think this kind of game works better in 2D. But I like the music and the style of the hands.