I have played Skyrim for nearly 70 hours now, and while it's the best Elder Scrolls to date, Bethesda's incredibly formulaic approach to the design of Skyrim keeps it from being the best open-world RPG ever.
For example, 70% of the quests are fetch/kill quests. For the remaining 30% of the quests, linearity is the order of the day. There are few choices to make, nor is there much of a way for the player to take alternate paths to solving a problem or reaching the objective. The result is often a reward, and the player has a very small impact on how the gameworld changes depending on his or her actions. The repetition of quest structure also saps Skyrim of the replay value that games like Fallout New Vegas had.
While the game gives you a ton of leeway in how you play the game (by brute force, magic, stealth, etc.), it lacks the freedom of choice that Fallout New Vegas and many other RPGs have. To Bethesda, there are only two choices: Do the quest, or refuse the quest. While this might have been fine back during the 1990s, I would have liked to see a more freeform quest structure that takes into account a number of choices that a player can make.
I disagree, here's why:
Morrowind followed the same formula, and I stuck hundreds of hours in that so I can't see anything but Skyrim having a similar replay value too.
I am probably a different type of gamer to you, and probably value different things in an RPG. For example, in MMOs I like levelling and running multiple characters to max level, I don't play endgame. I don't mind repeating quests; I love it. For me the difference lies in the execution, the different playstyles I chose. That is where the replay value lies for me.
I also don't do every quest line on one character. My paladin will never join the thieves guild or the Dark Brotherhood, my Archer won't join the Mages Guild and my Summoner would never feel at home in the Companions.
I understand that if you mainly play for storydriven reasons that Bioware and Obsidian games are more your thing and that is a perfectly valid opinion. Personally I tend to get bored with those games because I can't be bothered anymore to listen to hours of waffling, I rather get on with exploring, questing and fighting. Replaying them is even worse, I have to sit through a lot of the same cutscene after cutscene content again. So I'm better off with action RPGs and open world RPGs myself.
Perhaps you should have stated: "Skyrim has no replay value
for me" because while it might be true for you, for others like me it does have a lot of replay value. We just value different things.