This must go hand-in-hand with an accuracy display on cursor.
No it doesn't. The game shouldn't just let you fire impossible shots. It should be up to player to decide if he should try firing anyway, regardless of cover. Unless we throw the whole bullet tracing out of the window.
Basically the best idea IMO was hammered out on Volutar's thread: he wanted to write a tracing with 100% perfect accuracy (if the game says you have 100%, you will hit 100%, even if you see just a single enemy pixel); if a random spread was added to that (say, in normal conditions, it'd be like 8x8 pixels representing a normal-sized target), the result would be "100% means 100% chance to hit a standard-sized, unobstructed target" which would be both realistic and basically non-computable for the purpose of cursor-display (basically it'd have either to account for every tile along the way, or show a false number). That spread could be lowered for >100% accuracies, say by 1 pixel per every 10% above 100, or ruleset tweaks. Naturally if only a few pixels were visible, for example just enemy's head, the standard spread could well mean shooting above enemy's head or hitting cover. The player wouldn't be surprised as he would clearly see that those 9 missing shots were very close to the target, and each went by a slightly different trajectory (in current system, all 100% acc missed shots always follow the same, erroneous path which is simply frustrating and shows that you miss due to a glitch). To make this even more sensible the engine would try to aim at a pixel which is both visible and closest to enemy's centre of mass. One of the biggest advantages of such a system would be realistically working cover - instead of exploiting aiming glitches, players would choose cover naturally, and kneeling behind a boulder would actually increase your chances of survival by a non-negligible degree.
However, with Volutar gone, chances of such an engine emerging are slim... Also the spread would have to be optional since there was no spread in vanilla - one-pixel shots routinely connected if accuracy was 100% or more.
Getting back to my initial denial, I'll explain it more now: as a player, I'd rather have the cursor displaying an 'ideal' number and leave guessing my real chances to my experience (as long as the engine is flawless), than have it displaying some machine-calculated probability that is rather confusing than helpful. Manual control. I don't need the cursor to tell me that there is cover in the way, as I can see it for myself. Also, when I force-fire through full cover, the cursor showing '0%' would be plainly and completely misleading.