Unlike Oblivion, which maintained a sense of immersion thanks to its eight-directional button hotkey option (which allowed for multiple weapon/spell/item change-outs without having to bring up immersion-killing menus), Skyrim's hotkey options are infuriatingly (to this gamer at least) ill-conceived. I understand they can't port over the exact same 8-hotkey directional button configuation from Oblivion, since Skyrim has the assigned-two-hands. Here's what I think is an elegant solution that would allow gamers to make multiple change-outs without having to constantly bring up a menu:

up D-button: same as now (brings up favorites menu)
left-up, left, left-down D buttons: 3 left hand hotkeys
right-up, right, right-down D buttons: 3 right hand hotkeys
down D-button: non-hand (potion/scroll) hotkey.

Bethesda... please patch! That Skyrim is so incredible only makes this oversight more maddening!

I actually like it, I've kept my immersion in tact by thinking of it as fumbling through my bag. It makes switching between city-stroller outfits and battle gear, or a little dagger to protect me at night in a large, new town to a large offensive sword or bow. I also have gotten into the habit of taking off my helmet when not in combat. I love the favourites menu. Tops Bethesda!

or just make it like darksouls where you can equipt and scroll weapons or spells by pushing left and right.

I agree
a list?
really that's the best they could come up with
I can think of all sorts of systems with the D-Pad like 8 directional or something similar to batman arkham city (double tap) or even some kind of radial menu using the anolog stick or something
anything more intuitive and easy to use really would be better than a list, what is this dos?