we lost pants and can only use one ring in game.
However fallout 3 had more slots than Oblivion even if it appeared to have more, various head, face, eyes slot, in addition to back and even piercing slots.
Now in Oblivion we only had tail as an extra equipment slot who was commonly used for capes, headbands and similar.
Skyrim should also have beard as a slot, downside is that this is hidden with full helmets, face paint might be another slot.

