No, cinematics is one thing Skyrim is
not missing.
I totally agree with Serethil. It is really much better without cinematics. I play in first person. Why would one rather watch the character they are playing, instead of be the character?
That's what I think too. In a game like Skyrim, where everything about my character is defined by me and no one else, I'm thrown off balance when the camera suddenyl goes in third person. I am my character, my character is me, I control her, I can't watch her in third person, it just doesn't make sense. It's like watching myself in third person, which is obviously impossible.
However, there are games where cinematics feel right. These games are usually heavily scripted, or at least have a distinct plot as the central point of the game. Someone linked to The Witcher 2, which is a good example. KotOR was one too, as was Mass Effect, but in the latter (and generally in all recent Bioware games) cinematics look more like: corridor-cutscene-corridor-fight-cutscene-corridor-fight, which is possibly the worst thing that can happen to a video game.
At least Mass Effect was aiming to do just that and we knew it was going to be like this. But when my game turns into a movie, I turn it off.