Worked in Oblivion because weapon always went to right, shield to left, spell to 'spell' key. With Skyrim's equipping to hands, I would have thought hotkeying a set of equipment, one left hand and one right hand item bound to one key, would make more sense than just one item per key.
It's the hobbling of spellcasting that I hate the most. I didn't need a free hand to cast as spell in Oblivion, and it had that separate key/button. I don't know who thought it would be an improvement to force you to free a hand before casting, particularly in a game that has simplified just about everything else from its predecessor. It would be nice to be able to assign a spell to the shouts/powers button, and press it once when needed, instead of (1) bring up the favorites, (2) scroll to spell, (3) select spell with RT, (4) cast spell, (5) press R on the D-pad to bring back my sword.