well aside from gameplay improvement and better voice acting. I mean ofcourse it should be up to modern day standards and a non scaling monsters method is probably better on the long term. But that is all upto the designers, and ultimatly, not why I would buy a TES game.
I joined the series in Morrowind, got the expansions, and played Oblivion.
What I want is the mystery. You start as a small man and through intrigue and adventure you grow to become one of the big players. Although some would probably disagree I loved the largeness of Morrowind, and the fact that there was no fast travel only advanced that notion.
So I think that it should play in a big continent, be LONG, and focus on mystery. The enchantment that naturally inhibits Tamriel. One thing that should defenitly return is what you would call Phasing from a WoW point of view. Building a mansion, helping set up a new town(bloodmoon). It was wade made Morrowind so awesome to me.
So the focus should be on Making varied side quests and a large varied main quest. Things like finding a painter lost in a painting, convincing a man to withdraw slander, setting up an ambush to catch a murder complete with bait, finding someone's hidden stash (

).
So no, I don't think I want to be a general (at least not from the start, not without a long quest chain of rising through the ranks and dealing with competition and so forth).
the only thing I think should at least defenitly change is that NPC's recognise your rank in the factions you have joined and adress you with respect accordingly (WHAT, are you calling the grandmaster of the fightersguild and the archmaster of house redorin? wearing the big sparky axe?)