If you have not tried UDK or CryEngine SDK then give them a go and you will soon realise this editor is from the 90's. It's really not much of an improvement over Oblivion's kit even six years on.
While I agree that there is lots it can't do, and that this bothers me, the things that bother me are probably very different from the ones that bother you, and for much different reasons.
UDK and the CryEngine SDK were designed for use by not only the people who made them, but also 3rd parties who want to license those engines and use the tools to create potentially entirely new games.
The CK was streamlined to do only what the developers making Skyrim needed it to do.
As I mentioned above, though, letting us add (useful) script effects to weapons or apply simple locational damage could have been easy, but they decided to change the way those things were handled (since FO3) in ways that I can see no good reason for.