K. Here's my $0.02:
If Beth's making TES V or even has plans to, I hope they listen to the backlash they got on their very own boards regarding the "streamlining" they did between Morrowind and Oblivious... er, Oblivion.
Don't get me wrong, I liked Oblivion, had some fun there, but it was missing something. Sorry, but the skills and muscles used to swing a mace are nothing like the same movements one would have to make with an axe, and don't get me started on the difference in fighting styles between a claymore and a gladius. Can't dumb that down to "blades" and "blunt" - just doesn't fly.
Speaking of not flying, I'm guessing it was Havok physics that spelled the end of crossbows (Morrowind had them, and shuriken as well) with its... interesting physics. I'm sure all of us who've played Oblivion and/or Fallout 3 have more than our fair share of funny "Twitching Corpse" or explosively flyaway skeleton stories. Imagine a crossbow displaying enough stopping power to send a bull elephant ricocheting all over the dungeon. Funny once, and if it's intentional, like a magic effect, I could get a ton of laugh mileage out of it, but if you had to tweak an engine enough so that that doesn't happen with an unadulterated crossbow...
Anyway, my point is, I hope they don't dumb it down to three skills: "Stabit", "Shootit" and "Magicit"