Since most of us knew from the start there were no body part specific hit boxes, it wasn't really a surprise. It's also typical of this series so not a big deal. And unless they went with something precise like they did with VATS in Fallout it would be nearly impossible to accurately target individual body parts with the control methods we have now for real time movement. To place accurate blows would take a much larger degree of control involving not only angle and direction but being able to slash or stab at will. It would be overly complicated even for the keyboard and mouse especially with dual wielding like we have now. The only way we'll see something like that is if they ever manage to perfect a Kinect type full body motion sensor. As it stands no one has managed to do a very good job on that front yet.
Even without real control over limb damage as a melee player, it would have been a nice addition. Fallout 3/NV show that hit zones are definitely possible even with melee weapons. But the only weapon which would really profit from it at the moment would be the bow, so I think they just didn't see the need to implement it. Hopefully the next TES will have something like it.
But we already got something along the lines of directional attacks with backwards/sideways power attacks. I don't see how that couldn't have been implemented for normal attacks. As well as a crosshair to see, where we are striking. Couldn't be that hard to implement that in regards to sword play.
Otherwise, OP read my mind. Everytime I play with my archer I get the feeling I need to open a thread like this one.

@CCNA
Just because it wasn't there before shouldn't be an excuse not to improve on the system. ^^
I don't mind it that much, that it would stop me from playing the game or having fun, but it would be very, very nice.