The more I think about it, they should have broken down the difficulty slider into several adjustable parameters. What really makes master difficulty so skewed is that the length of the battles goes up alongside the lethality of battles. If you're someone who enjoys sword and board fights, blocking, trading blows, just a furious back and forth and you find yourself disappointed by how quickly enemies go down in regular difficulty you want to slow down the pace of the game, and give enemies more HP to get a better challenge, on the other hand, if you're an assassin and you feel that there is no challenge because when you get discovered you can kill everyone in the room regardless, not even needing to be stealthy then your issue is that the game has lacking lethality. The segment of people that are looking for a challenge from the game that goes beyond just combat are completely left without something to go on right now. The current difficulty sets resilience of enemies alongside with their lethality, so anyone who's only interested in one of the two gets screwed by the other.
So there really should be three sliders:
1. Resilience - A slider that adjusts the HP of the enemies up or down. This is for players who want fights to last longer because they enjoy really getting their milage out of blocking, dodging, using wards etc.
2. Lethality - A slider that adjusts the damage of enemies up or down. This is for players who want to have to be more careful and methodical because a mistake can easily kill you.
3. Scarcity - A slider that adjusts loot tables, vendor prices, availability of craft resources on vendors, lockpick difficulty, speechcraft difficulty etc. This is for players who enjoy a game where getting good items is hard.
With those three sliders players could fine tune the difficulty setting of their game a lot more sensibly. For example, on my sword and board warrior I'd probaply play with a high Resilience setting, but a low Lethality setting, because I really enjoy the whole blocking and dodging in melee fights, but on regular difficulty they end way too quickly, but on master difficulty the enemies do so much damage that trying to block a blow is rarely a good idea. On my mage I'd probaply play with a high Scarcity setting, and a somewhat elevated Lethality, so that if enemies get through my summons, illusions and other spells to attack me directly it's dangerous, but doesn't result in one-shots, while at the same time with less high end loot in the world playing a robe wearer will be more rewarding.