I prefer the Fallout/Skyrim lock picking, although the lock picks break way to easily in Skyrim. Try a master lock in the game, the pick will break even if you barely turn the lock. I found lock picking frustrating in the beginning of Oblivion, but once you've picked enough locks it was a piece of cake.
Just need to get higher on the skill and the master locks dont break your lockpick that easily.
On the topic though, I dont like the new lockpicking at all tbh. And i didnt like oblivions either. Perhaps something new is needed. Something thats is more challenging than Skyrims one and less of a challenge than Oblivions. Something between.
If i can lockpick master lock with skill lvl of 20 its way too easy.