Well that is just [censored]... you have to hold a button that is used by the thumbs? How are you suppose to look around and move around at the same time with the object? Or is it Hold X then release?
Fo3 grab was a toggle so I'm guessing they kept that feature going into Skyrim. Thankfully PC will have it mapped to a separate key because even with a toggle many things are going to be accidentally picked up while trying to arrange clutter. Sorry consolers, I hope they add another 2-6 buttons on the next gen, seriously.