I've always been surprised about what I end up stumbling onto. The compass encourages exploration, as it says there's something off in a given direction, but you don't know how far... and there's always stuff around those markers as well. The compass merely no longer requires you to explore with a fine-toothed comb. As for things to find... I've stumbled across magical weapons, assorted bodies, random people, powerful loot, exotic ingredients, stunning vistas, mysterious architecture, unmarked stones, secret entrances... I could go onandonandon.
You don't
really stumble upon it though. You know what it's going to be, just not what it looks like (specifically, anyway). It doesn't encourage exploration as much as it encourages discovering pre-approved places. If you're walking straight down a path, and you see that there's a ruin to your left, you'd probably turn left because it showed up on your compass -- even if there's an amazing waterfall just ahead with a pot o' gold at the base. It would have been better if places didn't show up on your compass unless they were marked on your map first.
Most NPCs in Daggerfall were unkillably essential. While Bethesda doesn't do Essential NPCs quite as well as they need to, I feel that some NPCs need to be "unkillable" prior to a certain chain of events.
Why? Why shouldn't there be meaningful consequences? It detracts from character development and gameplay experience when Bethesda makes it so quests can't be failed (even if you don't intend on doing them) or certain NPC's can't be killed (Todd Howard: "No, you
can't role-play a murder! You
have to keep that person alive just incase you want to be a magician! -- but you can't be a good magician either because you spent too many perk points on becoming a murderer!").
It's pretty much Bethesda saying, "You're playing the game wrong." How can that be in an open-world RPG like Skyrim? It just doesn't make sense.
Also, there's the journal. I know that's a hot subject on these forums, and people certainly have mixed views on it.. but quests aren't nearly as meaningful when they're displayed as simple objectives on a list (and by simple, I mean simple -- most of them couldn't get any more vague or literal). Morrowind may not have had the best way of doing things (according to some people), but it was headed in the right direction. Oblivion basically fell of a cliff in that aspect, while Skyrim only succeeded in climbing 1/4 of the way back up. It's not an MMORPG. Objects don't need to be short and literal or vague. They should be full of detail (only the details you're given, mind you). Same goes for marked objectives. If someone wants you to go to dungeon
x, but they don't specifically tell you where it is (or even that it's a dungeon), it shouldn't automatically appear on your map. The kind of depth and detail in the quest system has greatly diminished since Morrowind (the fetch this/kill that quests in Morrowind had a storyline and plot behind them half of the time -- but even when they didn't, they made since.. no newcomer to any guild or house is going to be sent on important missions at first, for instance).