No cheap, Time passes faster in the game, so you may think the enemy gives up quickly but they actually look for you for a while.
That abstraction doesn't work well as it doesn't affect everything in the equation: Time, distance, and speed. So in "local area" it is best to think of time as real time and acknowledge that stealth is somewhat broken. I know its way better than stealth in previous TES, but similarly to regeneration, it now all feels too cheap to do without consequence. Given those other "exploits", I think stealth is actually quite balanced to those - everything would have to be scaled back to remain balanced. Thiefs have their cheap escapes, but not in all circumstances. Mages have their cheap escapes, but not in all circumstances. And fighters have their cheap escapes, but not in all circumstances. It all adds up (stamina is not the thiefs best friend in combat, stealth is).
Personally I wouldn't mind if the game brought back more from Daggerfall, in that you didn't regenerate. At least not fully. The bars could loose their max potential over time as you used them, but recharge up to the updated potential. You'd had to rest/sleep/eat etc to fully restore your max potential.
If that was in, stealth could be brought down by increasing the search radius and time they spent searching, together with better logics on how they react to what event. Spotted - just the wind - makes sense. Wife dead on the floor with an arrow through her skull - just the wind - seriously? In the latter scenario, the search time could be increased tenfold, with a more randomized pattern on where they look. Falmer are so easy to skill up on given that they're blind, and only go to your last knows position without any searching at all, it's ridiculous. Given the new penalty in that it takes longer, you risk more by trying to take down more at the same time to get it overwith, which in turn increases the risk of getting spotted.
But, the game is now written for "those who don't have time to play it", so Beth doesn't want these kind of penalties because it's less money earned. So for those of us who is not in a rush, and could have these penalties that makes sense, we get the bad end of the deal because we're not the majority of "players" (even if I consider us more "role players"). It's sad, but TES is no longer made for role players, but for players who wants to race through yet another game in the collection.
And I repeat; currently stealth is balanced badly to match the balance of the other elements that "fast players" can't endure. They shouldn't rebalance stealth without also rebalancing the other stuff (regeneration in particular).