It's interesting rading through this thread. The HUD layout, and all knowing compass was a subject of much debate prior to game launch. I was in the "PLEASE TOGGLE THE COMPASS" camp from the beginning, but obviously Bethesda stuck to it's game plan and said "you get this" period. I re-collect Pete Hines did tweet that we could fade out the whole HUD, if we didn't like or want the compass, but as has been noted, it also eliminates some other features that some would rather keep.
I'm currently playing sans HUD, and I like it. Yes its a pain not knowing what you can pick up, but I've found, when in doubt, just don't, to work OK, helps curb my hoarding instinct

. As for the cross hair, even as an archer, I've found it's absence to be acceptable. It's only the very long shots that I tend to have a miss with, and thats probably more realistic. Certainly, I feel my targeting skills have sharpened over time, without this assist, and its actually more rewarding to hit that trick shot I think, with a better sense of accomplishment, and more connection to the game world.
As for health and stamina, there are audible assists which one needs to listen to for health. There are also visual cues if your stamina is low obviously. Again, I'm using my own sensory field, as opposed to the game assists, and I find it a more enjoyable game accordingly. Magic is a bit more problematic, but as I usually stick to destruction, you can get a "feel" for how much duration you have whether single or dual wielding. The trickier part is the re-charge time. End up using way more potions than I did before to recharge. I do think a cool thing would be a to somehow visually show, through intensity of the charge in your hand, your magic strength / reserve status.
All this being said, I'd ask BETHESDA to please consider facilitating a toggle for the compass in all its future RPG/action titles early on in the game development stages. I'd also ask them to keep the design compact, and along the bottom of the screen, than scattered about. I've never liked the compass taking up so much of the skyline, the 'rear view mirror" look does detract. I much prefer to see the world unobstructed, rather than as a dashboard and front window scenario, complete with blood splatter on the screen....