I don't know what to say about this save for the fact that Morrowind forever defined me as a Stealth character, and Oblivion did its very best to dissuade me (ultimately just making me feel sore). I also took the steal-everything-that's-not-nailed-down approach my first time through Morrowind, and paid for it dearly in later levels when trying to find traders to sell my stolen items to. I learned a system my first play-through that I've implemented ever since. Steal items from an NPC if and when it is impossible for them to buy or sell items of that class (weapons, armor, clothing, potions, ingredients, junk, gems, etc.).
As many have already said, there's no reason Skyrim couldn't apply the item/vendor identification and the stolen (T/F) modifiers from the previous two installments and use them to come up with some interesting and complex systems for handling theft and stolen item identification.
That being said, I agree with the idea that adding any degree of 'risk' to the game will cause the more cautious players to stack up their save files and duck out of every negative encounter in an attempt to try again with more favorable results. I would counter that by pointing out that law and punishment are not yet clearly defined for Skyrim (the game, not necessarily the province). With the splintering of armies and inevitable formation of minor factions, a single person's actions might not make as much of a difference to Skyrim's 'guards' as in Oblivion (unless it truly stood out). Who knows? Stealing an item and being caught by a 'Radiant Story' system might lead you on toward more stealth-related quests. Sort of like gaining a point of security in jail. The philosophy in Skyrim (and the Elder Scrolls) is skills improve as you use them, and what better of an example is this? The more lawless the territory, the more a wary mark might be inclined to put your thieving skills to good use (since you now owe him/her, after all).
I agree that an item's value and rarity should determine how easily traded it would be after a theft, and that common items should not carry a tag identifying them as stolen or looted. Perhaps a player's mercantile skill could influence whether or not an NPC realizes an item has been stolen, and (as mentioned in a previous post) the NPC's location and faction affiliation in relation (tion..tion..tion...) to the place/person from where/whom the item was stolen would also make a difference. I don't know how I feel about having to wait days/weeks/months for an item to become marketable again, but maybe after a large heist the authorities could be put on alert, and for several hours the stolen goods would be mentioned in 'rumors' dialogue with the locals? When they stop talking about it, you know the news has passed.
Thoughts, anyone? (Especially you, Bethesda.)
edit:
An afterthought: If Bethesda chose to implement the same system of vendor/item identification that they did in Morrowind, why not make that information available to the player so that they don't make a mistake? Sound silly, impractical, or unrealistic? Hmm... What about a wanted poster, offering a reward for the discreet recovery or return of valuable items? This way, not only would a player not be accidentally in trouble with the law for selling some innocuous item, but there would also be another quest-arc to make available through the Radiant Story technology! WHAAAA?!?!?!?!
edit 2:
The value/rarity of these items could determine how long they would stay available as mini-quests on the reward poster. Once the items disappear from the list and the seller gives up on seeing them again, it's safe to trade them.