Better water visuals, kill cams for magic and ranged combat, mounted combat is incoming, crossbows, Vampire Lords and I'm sure that we'll see some other things make it in the game before its all said and done. In fact, I'd say that there will be more things from the Game Jam that make it into the game than those that don't before Bethesda's done with Skyrim.
While I think all of these additions are awesome and I appreciate the fact that they're both good and free updates, but the one thing that I would take above all else is some kind of realism/hardcoe/survival mode. I know this topic's been brought up before and PC users will tell me to get the mod, but if you're on the 360 like me or the PS3 that's not really an option.
If you're unsure what I'm referring to I'd like a mod/update to require eating, sleeping, drinking, etc. I would like to see things like crippled limbs as well, but I'd just take the basics if it was too complicated. It seems that for whatever reason this is often brought up by fans but never really talked about by Bethesda and I'm not sure why. It seems like a logical mod and I'm rather surprised that it wasn't in the Game Jam video.
The only problem I can see with this is the fact that all of the updates are things that you cannot toggle. And I guess that might present a problem.
