The fast-switch system doesn't make sense to me. The radial menu from Oblivion was too limited in scope (what if I want to use more than 9 spells in a given fight, huh?) but at least it was predictable. In Skyrim, if I bind Flame, ok, I can hit right-arrow twice and dual wield it, that's good. But if I bind a shield to left-arrow, hitting it once pulls up the shield, good... hitting it twice switches to an empty hand? Why would I want that?

They should change it to be more like a last-weapon toggle, e.g. half-life; you can make a left-hand favorite and a right-hand favorite, and hitting the d-pad switches you between your favorite and whatever random thing you had previously equipped.