PC Gamer says if you can run Oblivion at 60-80 fps you should easily pull off 30-50 on ultra for Skyrim. The game is bottlenecked by consoles, so modern PCs shouldn't have many issues.
Skyrim runs tons better than Oblivion. No microstuttering or anything.
i5 2500K 3.3Ghz, OC to 4.5Ghz
GTX 570 1280MB OC
DDR3-1600Mhz RAM, 8GB
Win 7 HP 64-bit
Running Ultra at 1920x1080, 2x AA, 8xAF, everything else default. http://www.gamesas.com/index.php?/topic/1255692-skyrim-pc-ini-and-console-tweaks/ to have 95 degree FOV, shadows on trees, shadows on land, no depth of field.
I get 50-60 fps running around the countryside. If I turn off Vsync, I get 115+ fps.