Same problem with Oblivion, same problem with FO3. Panning and moving through the world doesn't feel fluid. Everything seems to jutter. Skyranger has fixed this issue in three games so far. Here is hoping he makes a return for Skyrim.

I think it has something to do with Bethesda's broken implementation of V sync.

Try disabling v-sync

Edit My documents\My Games\Skyrim\Skyrim.ini

[Display]
iPresentInterval=0