I might switch lockpicking out for alteration now.. I am playing a stealth mage anyway and I always save right before a lock in case I lose too many lockpicks. I reload if i break too many so the perks are pretty useless for me aside from "more treasure" but meh
The only benefits lock picking has in previous games was it could open any lock even with a bad skill level where as you need to be an alteration master to open the hardest locks and it was stealthy. The stealthy part is in, though silent casting might cover that for a mage and we don't know about the other part. Can lock picking be attempted on any difficulty lock at any skill? I assume so, but I am not sure.
Edit the post above me answered that. wow lock picking is even more pointless than before.
Edit 2, it seems the people below disagree. It might still have a point even if it is very limited.