TES 5 needs to make a decision. Is it a world-exploring game, or an RPG? Because trying to do both satisfies no one.
Oblivion had poorly implemented RPG elements, and a bland world. Pick one and fix it.
Give me a flying city or mermaid octopus ice fortresses, something to make exploring worthwhile. Make each mission a real adventure, that will take me somewhere I've never been before (that isn't just Cave 123 repainted with Green).
On the flipside, make me feel truly powerful if you want the game to be an RPG. Do away with leveling scale, incorporate some positional damage (make headshots do more damage, etc.). Bring in professional writers to make compelling story. Tighten up the leveling system so it becomes an intuitive part of game play and not something we need to balance like a knife to not gimp our character.
In this, I agree 100 percent with Yahztee. Bethesda tried to do everything, and as a result did nothing special in every area.