In Oblivion everybody complained about guards screaming CRIMINAL SCUM when you stole an apple, they fixed it to Skyrim so people who like you don't care if you take some of their stuff and now you complain about that...
It's fine and dandy if you develop a sort of relationship with the NPC in question, but if it's like how it is now with you meeting them and they're like "TAKE MAH EVERYTHING!!!" only because you asked them about the happenings in town, it's just a wee bit ridiculous, don't you think?
Takes any shred of believability out of the game world, lessens the ultra coveted immersion factor that most players of Bethesda games rave about (I really don't personally), and makes it even easier for you to steal stuff almost to the point of where it could be considered game breaking.
Honestly, if it was the Oblivion implementation vs. the current implementation we have, I'd take the former. I'd say it's a bit more realistic (because even if you are the slayer of 27,237 dragons, I'm going to have an issue with you jacking my stuff, especially if your rep is bad), and it adds a bit of challenge to stealing items when compared to what we have.
Oblivion can keep it's grabbing mechanic though. I'd like not to be fined 40 gold just because I touched a head of lettuce.