Morrowind was packed full of great unique stuff that made exploring worthwhile - and the best thing was that some of it lay past tough enemies, while some of it could even be picked up by low level characters if they found it. I remember finding a great ring in a one-room tomb at level 3, for example. It was a great feeling, that exploration had been rewarded. In Oblivion, I think the only non-quest unique is Fin Gleam, which was a major downstep. Oblivion's most popular mod added loads of unique items to challenging dungeons (and throughout the world). TBH I expected Skyrim to do better, but apparently not.
Skyrim has it all leveled. At levels 1-10 I was finding silver rings with weak enchantments. And now at level 46 I'm getting diamond rings with stronger enchantments. There never is that moment where you find something that's a game changer. Instead, I'm doing the exact same thing at level 46 as I was doing at level 10:
1. Enter random dungeon
2. Kill a bunch of draugr
3. Defeat the boss
4. Open the chest in the end room, grab circlets and rings and randomly enchanted weapon
5. Leave through the dungeons quick exit
6. Travel to the closest town to sell loot, as none of it is worth keeping and selling it is it's only purpose
I think even the unique weapons are leveled. My friend and I found Chillrend and they both have different damage outputs. Lame..