Okay, so this is something I've mentioned in threads in the past, but never started a thread to actually discuss.
Before Skyrim came out, I remembered playing Oblivion and decided that it would be kinda cool if they stopped freezing time while the player was in the menu system. If you wanna read a book, or drink a potion, or what have you, you have to remember time won't freeze while you're doing so. One obvious benefit is that it can preserve the challenge of battles - no guzzling potions in the middle of a fight, right? It could also make Restoration magic somewhat valuable, since you can simply equip a healing spell with a hotkey or something similar and heal yourself quickly in the lull of a battle where it might not be practical (or plausible) to say "Hey, wait a sec" then dig around in your rucksack to find like four healing potions to drink.
Also, it might aid immersion for those whose sense of immersion is a little more easily broken. If you're on some quest that you find through a book (I can think of at least two offhand) and you wanna stop for a second in the wilderness to re-read that book you're carrying in your pack to check your progress, or if you're using one of the treasure maps and want to re-check the map, you'd better make sure you weren't in bandit country, and check to see that there isn't a bear or pack of wolves on the horizon, or you might get jumped while your nose is in the book. Apply a damage multiplier to attacks on the player if they've got their attention concentrated on reading.
Also, this would apply to all kinds of activities. Time doesn't freeze while you're mining ore, right? Do it in a mine full of bandits, and the noise can draw them out, and you can easily get jumped while you've got a crappy weapon (a pick axe) in hand and your back turned. The same applies to smithing and improving weapons and armor, and I think it works the same for enchanting and alchemy - time continues to pass as you perform these activities. So why not make pickpocketing and lockpicking work the same way? If a guard walks by periodically, you'd better be good at lockpicking to get through that master lock quickly before he walks by again and sees you obviously committing a crime. If you're trying to pick the pocket of a mark who's walking along, you'd have to use the stick to keep sneaking behind them, while trying to fiddle in their pocket without getting caught.
This would also make people think more carefully about the things they do in terms of carrying several of the same item, with varying enchantments for different purposes. It's reasonable to pause before an imminent battle to take off your ring of sneaking +20% to slip on a ring of heavy armor +30% before the fight, but stopping time to take off your robes of sneaking and boots of sneaking and gloves of sneaking and hood of sneaking to slip into a full suit of heavy armor? No, that's patently silly, and it would make it so that playing the game is rewarded, rather than playing the game system.
This could be harder on people using the console-style hotkeys - console players plus PC players like me who use a 360 controller - but everything has its downsides. And PC players have the use of eight hotkeys, making it fairly easy to be able to do some reasonable things without freezing time - swapping out their bow for a greatsword, or something similar.
Good ideas. Stopping time for lock picking always seemed to remove one of the challenges which lock picking really ought to have, i.e., opening the lock before you get caught. Real time pickpocketing is something I never really considered before, but it seems like something which could be quite a nice addition. Having to keep walking behind your mark while your hand is in their pocket and taking the items quickly before they notice would almost be like a new mini-game. Maybe even add a timer (possibly even a hidden one) and the NPC realizes once the timer runs down.
Real time books I would also enjoy. The number of times when I've read a book just to pass a bit of time... and no time passes...
That's fine, I'm a known [censored] myself.
Another, related idea I've thought of is an inventory-related question. Make it so that the player can only have a limited number and type of things on his person easily accessible, and the rest goes in a sack of some sort that is slower to root through. You could have a finite number of weapons on your belt or across your back, depending upon the type. Maybe two one-handed weapons on your belt, while on your back you could carry either a shield OR a bow OR a two-handed weapon. That would allow people to plausibly switch between some weapons combinations - shield and sword to bow and then back to shield and sword, or dual-wield to shield and sword, or warhammer to bow and back - without it being possible to walk around festooned with weapons hanging off your body.
It would also help prevent the "Hey, Imma wear a bunch of sneak-enchanted clothes for sneaking, then if I get seen I'll just pop on some heavy armor before the bad guys reach me" nonsense.
Then there are possibilities in terms of adjusting the encumbrance system to track bulk as well as weight. Carrying around five full suits of heavy armor as loot just isn't feasible even for a burly warrior. Even though a lot of people could actually carry that much weight (most full plate armor wasn't all that heavy) the bulk would be completely infeasible.
And as a corrolary to the idea of activities not freezing time, that of course should include the inventory menu, and equipping worn items should take varying amounts of time according to what you're doing. Slipping a ring on your finger or an amulet around your neck or a hat on your head would take a mere instant. Pulling on a pair of shoes or boots with buckles would take a good bit more, and of course buckling yourself into a suit of armor (both light and heavy) would certainly not be something you could do quickly. I think that even though in the real world it could take ten minutes (or more!) to put on a full suit of armor, depending on type, that twenty or thirty seconds or so in-game would get the point across, without being long enough to tick people off.
Being able to switch into armour whenever combat occurs bothers me. Generally, if I get attacked while in normal clothing, I fight in normal clothing because realistically you wouldn't be able to just casually pop on a whole suit of steel plate during combat. I think simply disabling the ability to change apparel when in combat would suffice here, and make you think twice about venturing out into the wilderness in just a belted tunic.