OK, since this is really the first TES game I've actually played seriously (I downloaded and fiddled with Morrowind for a couple days while waiting for my disc to arrive to get a feel for the world and mythology) my observations aren't based on any bias based on comparisons with previous versions.

First, Smith skilling is WAY too easy. As others have noted, you can skill all the way up making nothing but iron daggers, and it only takes 3 daggers per skill level (Since you start at 15, that's a total of 255 daggers to level 100. Each skill level should require more and more to attain, and the skill-up should be based on the value of the materials involved. My Barbarian Orc is only level 13 and he's already walking around in Exquisite Orcish armor.

Second, since i never played the version of TES that had spellcrafting, I don't miss what I never had, but there appear to be good lore reasons in Skyrim as to why it's not in this version of the game (If you play a spellcasting character for any length of time at ALL, you will have noticed the locals are pretty down on magic in general...I mean come on - "Looking to blow yourself up?" - and that's from the bartender in the very fist town you come to, so it's not even a spoiler. So far the magics seem fairly balanced (Though my Conjurer/Thief absolutely HAD to rely on the ability to zombify early on. Low stealth just isn't good enough to get close enough for a back-stab.

At level 14-ish, my conjurer/thief has already started to run into the "no scaling" problem for spells that others have mentioned. Good thing I have the dual-cast Fire elemental and The Unbroken following me around to distract enemies.

Quick Travel - It's too easy, and feels like a teleport. I think it should work like resting outside, taking time to travel, and having a chance of a random encounter along the way...the computer could figure out where the encounter occurred based on how many hours of travel have elapsed and plotting the path. And let us try it encumbered, since it would take a LOT longer, and have a subsequent greater chance of running into something.

Pick Pockets - broken. You can only skill it up by pickpocketing "friendlies" (Enemies WILL spot you before you get close enough early on) and they almost always catch you. Unless you want to spend all your time antagonizing the locals and spending time in jail, you have to use the pick-then-save method, which is cheating. Starting to wonder if even 100 sneak would be good enough to get close enough to pickpocket a bandit.

Smithing does start to take more and more, just as with every other skill. Around level 50, it will take around 6 or 7 daggers. Around 80 it will take 10.