Unlike Oblivion, which maintained a sense of immersion thanks to its eight-directional button hotkey option (which allowed for multiple weapon/spell/item change-outs without having to bring up immersion-killing menus), Skyrim's hotkey options are infuriatingly (to this gamer at least) ill-conceived. Ironically, Bethesda's mission to simplify the menu system has led to constant visits to the favorites menu (which is still a GD menu) whenever I want to change anything. I understand they can't port over the exact same 8-hotkey directional button configuation from Oblivion, since Skyrim has the assigned-two-hands. Here's what I think is an elegant solution that would allow gamers to make multiple change-outs without having to constantly bring up a menu:

up D-button: same as now (brings up favorites menu)
left-up, left, left-down D buttons: 3 left hand hotkeys
right-up, right, right-down D buttons: 3 right hand hotkeys
down D-button: potion hotkey.

I actually couldn't sleep last night because I was thinking of how much easier and more fun Skyrim would be if Bethesda implemented a patch with this hotkey design. I want to BE in Skyrim, not reminded that I'm playing a video game whenever I want to change a weapon or spell! For this gamer anyway, that's what menus - even "favorites" menus - do: they remind me I'm playing a video game.

(Don't mean to sound like I'm hating on the game; it's otherwise the greatest video game I've played since I got an Atari 2600 (which is what makes this issue so frustrating).

I agree this would be great - could be done in different ways too, but give us something that makes it easier to switch between different things to equip.