I find that inconceivable.
http://www.youtube.com/watch?v=Z3sLhnDJJn0
Anyways, the saves are pretty much the same as Oblivion. For some reason, I have three autosaves though - I think one is loading a new cell (entering/exiting towns/buildings), a character menu autosave (saves when you open your menu after a certain amount of time), and a third one that randomly saves after a period of time.
But no seperate character saves, sadly. You'll have to just pay attention when playing multiple characters, so you don't accidently save over the wrong one.
EDIT: Oh and your autosaves shouldn't save over your manual ones. I haven't had a problem with that yet, but I guess it's a common glitch? - just realized what the OP was asking.
