Is there a faster way to switch from using magic to a sword and shield than using the favorites menu? I seem to remember Oblivion having two equipment sets that you could switch between by pressing a button, although I could be mistaking it for another game

edit: I'm on the 360

bump

you may be thinking of two worlds 2 with equipment sets.

no, the poor ui is something you will have to get used to.

There is. I believe it's the same set up as last time.

I really miss an option for this as well - unless I just haven't found it. The best you can do on the PS3 (and I assume the same is the case with the 360 version) is using left and right on the D-pad to map two things from the favourites menu. And if one of them is a spell you can hit it a second time to dual equip it, but then things get cumbersome when you try to get back to eg. a shield and 1h setup.
I really wish it was possible to hotkey two complete equipment/spell "sets", or at least what you're wielding in your hands.

Only thing I have found is favoriting the weapons then hitting Q to quick switch them..... ughhh this UI really is BAD. I mean come on no menu box to hotkey items!?