This is for the PC version.

The good:

Graphics and performance.
Ambiance.
Variety.
Combat.
Crafting.
Remarkably stable and bug-free so far. Impressive.

All of these things are, for me, first rate. But of course, fully satisfied customers tend not to post as much on forums, and I have some complaints.

1. I really miss custom spells. I started off with my obligatory Breton sorceress, and I'm constantly taunted by my inability to create spells. All of my fellow recruits at the college can create custom spells, but not I, the dragonborn, the most powerful mage in Skyrim. Annoying. A lot of the creativity and fun of spell casting has been lost. I really have to say: major disappointment, and a major decrease in fun factor compared to Oblivion on this count. I'm still holding out hope that a future expansion will reintroduce this.

2. Character creator. Very surprised here; it's a significant step back from Oblivion. Far fewer options for customization. Also, unlike custom spells, this doesn't seem like the sort of thing that's likely to ever be updated or improved upon. Again: pretty major disappointment.

3. The UI. Why can I only set hotkeys for 1-10? Why is the perk selection so annoying? Modders, help!

With that said, I'm still pleased with the game. But at this point, I really can't say that it out-classes Oblivion or Morrowind. It's certainly in a completely different league than competitors such as The Witcher 2 and what not; that is to say, it's still better than any non-Bethesda RPG. I would also put it above any of the Fallout games.