I've learned a bit about lockpicking in reality (purely as a hobby), as it provides a unique challenge and attainable goal. Basically, its fun. That said, I loved oblivion's lockpicking system because it was the most realistic system I have played in an rpg. Yes I realize we don't have X-ray vision to see a cross-section of the lock, but turning a bobby-pin to a random angle and then using the torque wrench to open it is FAR less realistic. I believe the X-ray system is the only way you can portray the subtle feelings and ticks you get when dealing with a lock in reality. So I am seeking a return to form. (not to mention I would love to see the absolutely useless perk tree for lockpicking completely redone.)
Basically, the new lockpicking system is based entirely on luck, whereas oblivions was based on skill. Which is the way it should be.