I've only played like 2 hours of the game and my feeling is that this is all I expected it to be. Even tho the game's hardware auto detection recommended me to run the game on medium I went bananas and cranked everything up to ultra. Guess what? The game is running like butter and looks simply amazing. I even went a little bit further and enabled an option locked away in an ini file that makes trees cast shadows on themselves wich can't be activated through the game options. The engine is really well optimized. Mouse acceleration was a problem in the beginning but as soon as I adjusted it in the game settings it's ok now.
The UI is a RPer dream. The hud is pretty much always hidden and things only pop up when you need to see them. I even managed to hide the compass and quest markers through some ini file's tweak.
Skyrim is an amazing world and so far I'm pretty happy I can make part of it.