If not for TES5, then for anything similar (which i personally can't get enough of):
One interesting idea I heard once about scaling was make it an 'initialized' value; i.e. scale on the moment you enter a specific castle/cave/whatever. So you can explore more safely without getting one-shotted every 5 minutes.
My own way to do this would be to tweak it a little; have some form of preset minimum and maximum for certain locations (and don't scale at that exact time); there should be places that are way too dangerous for anything but a superhero, and a superhero should not have any trouble rooting out a small cave of lowly smugglers.
Most importantly, I don't want random bandits with top-notch magic armor every five seconds in the end. If you are going to place more dangerous baddies on the field late-game, at least come up with a story for it, in oblivion this really took me out of the game. When my character gets stronger, I want to notice this, and not have the enemies scale up equally (making any form of improvement moot, really)
For instance; of course you start out as a weak prisoner, you get out and explore, solve some quests, progress the main story. Then when you hit level X the main baddy starts out handing equipment to whoever does his bidding, making all normal enemies way more dangerous. Progressively this gets worse and worse until someone at the mages guild decides that enough is enough and tries to get rid of them once and for all, and summons a race of dragons to help him in this. They do that, but then decide that they like the place if it wasn't for the pesky humans over there, giving the hero a sudden entire new goal.
At each point you start out comparatively weak, but then get stronger until you can easily handle them, at which point the next big thing happens and you are comparatively weak again.
Repeat until grand ending.
Wait for sequel.
Or something.