Bethesda have done an amazing job with all aspects of the game
Graphics are good (better with mods), the world is huge, dungeons are beautiful, and the leveling system is interesting.
The story is mediocre, the guild stories are horrible, the dialogue is really bad, crafting is broken, races are meaningless, combat is bad (as usual), the spell system is bad, dungeon "puzzles" are laughable, there's no monster / dungeon boss variety, all around the writing is meh.
I wouldn't go so far as to say they've excelled in "all aspects." Still a great game, though.