I think it looks a lot faster I have seen people that are like level 5 and have orcish weapons
But it looks like there are varieties of weapons now rather than just 'orcish' weapons or 'dwarven' weapons.
I saw someone get a Skyforge Steel Greatsword. (Better than Steel) so there is more variety. So I believe you will upgrade more often, but each upgrade will be less of an improvement than in Oblivion.