I'll just like to point out that a lot of the points here contradict with other commonly-raised issues. You can't have consequences if the guilds and factions are kept separate, you can't have guilds and factions kept separate if you have a world that does not revolve around the player, and a real economy would not work in a world that did not revolve around the player: imagine going to the Belethor's General Goods expecting to buy some scrolls, but can't because the player was near a courier delivering paper and they got killed on the road as a result. Yes, it would be dynamic, but people would complain of the game being unplayable or their immersion being rooned before you could say 'patch.'
That said, I would like to see
more weapon variation, though. There is no logical reason for there not to be spears, crossbows, or cannons, seeing as spears are easy to make, and crossbows and cannons are already in the game.
More spells that effect the environment. Bethesda should take a look at the Midas Magic mod and revisit some of their ideas, both from the Skyrim mod and the Oblivion one. Some of these spells - vines, bugs, and shapeshift - are useful for stealth characters, others are just downright bizarre, and some are hilarious. How about 'change weather,' to cause a combat disadvantage to heavily-armoured troops, or 'darkness' so that archers can't hit you? They've done all it would require in the game already. Make these once-a-day powers, attach a weather script, and make that weather have an effect on the skills or stats of characters.
On a similar note,
environment effects combat. Heavily-armoured warriors should get a boon on open plains, lightly-armoured should be stealthier in forests, claymore-wielders should be nerfed in close quarters, etc. Also, two-handed weapons should swing faster. They are not that heavy in real life. Through constant practice, you can learn to swing a claymore almost as fast as you can a normal sword. Maybe the swing speed should get faster as the character skill improves?
More armour slots, like in Morrowind. One-slot armour would have been alright if there were different types of each armour style - there are four types of fur in the game, for instance - but it isn't, it's just something else that they decided to cut back on.
More dynamic combat. Again, there are knives and forks in the game which can be used as weapons, if I'm not mistaken. I've downloaded a mod that allows me to use flutes as weapons. Why not buckets, brooms, and empty wine bottles, too? Why can't there be some chairs you can pick up and swing at someone's face? Why can't you slam them against walls, or throw down your weapons and throttle them? A real fight isn't nearly as formulaic as the combat in TES would have you believe; there is room for some really interesting combinations if Bethesda thinks it's up to the challenge. Look at what modders did with Deadly Reflex in Oblivion - tell me, why couldn't one of the best game development companies on earth not come up with that, especially since hordes of fans - veterans and casual gamers alike - have been calling for it?
Arena.
What happened to sneaking up on enemies (or attacking them) from different sides??!!!!!!!!!!!!!!!!!!!!!!!!!Where did the strategy and tactical elements go?
Um, strategy is in there. I play a lightly-armoured raider on expert difficulty, with a bounty on her head in most of the holds. You need to know what to use, when, and where or else the guards can and will kill you. Maybe you need to ramp up the difficulty a notch?