up D-button: same as now (brings up favorites menu)
left-up, left, left-down D buttons: 3 left hand hotkeys
right-up, right, right-down D buttons: 3 right hand hotkeys
down D-button: potion/scroll hotkey

I actually couldn't sleep last night because I was thinking of how much easier and more fun Skyrim would be if Bethesda implemented a patch with this hotkey design. I want to BE in Skyrim, not reminded that I'm playing a video game whenever I want to change a weapon or spell! For this gamer anyway, that's what menus - even "favorites" menus - do: they remind me I'm playing a video game.

Agreed...I can't seem to figure out the two hot keys we are given. Plus, for me the menus seem to stick every so often, very annoying to use a shield and swirch to some spells. Going into favorites just pauses the immersion and ends the experience of roll playing...that is,unless I am missing something.

I play on PC, but diagonal dpad hotkeys?