Personally I hate it. Worst combat I've ever had the disappointment of experiencing.
I never understood the hype of these Elder Scrolls games. To me they are like single player MMO's, all the boring grind and fedex questing without any of the longevity and interraction/company of other people. With things like grinding, camping gear, and especially tradeskills, they seem at least somewhat worthwhile to me in an MMO because you are building up skills and gear on a character that you can potentially play for years. But in a game like the Elder Scrolls, it's generally all over in a month or two so it just seems especially pointless to me. If the "Main Quest" was huge and involving and required a really powerful character, then it would give the whole thing more purpose, for me at least. But with Oblivion, I finished the entire main quest in about 3 days, so all I was left with was the pseudo-MMO world full of generic quests that themselves are not very fun to do, and the rewards don't seem worthwhile seeing as they are building up a character in a game that I will probably not be playing in a month's time anyway.
The thing that bugs me the most though, is the combat. It's just so crap, I don't get it.

It's single player... offline.. so they could do anything, and this is what they crap out? With melee characters its just click click click, block, click click click, block.

Usually I like to play as pure mage types and they are the worst of all. In the hour or two I've played, every 'battle' was won by just holding the mouse button and spraying the enemies with fire and they all drop dead in seconds. There's no buffing, debuffing, healing, lifetaps, etc.. all I do is squirt fire on everything and watch it die instantly. Not only that but mana and health regenerates so fast that it doesn't matter, nothing matters. I tried making a pet class and there are no pet controls at all. No back off, attack this, hold, anything.. they are just do whatever. Talk about dumbed down. Every MMO I have ever played had far better combat, and they achieve that even inspite of latency concerns and the possiblity of there being massive numbers of characters on screen at once etc.. Also the interface on the PC version is a joke. A sick joke, where they give you a mouse cursor but you can't actually click on anything.
I thought Dragon Age Origins was a dumbed down version of Baldur's Gate, but I even far preferred that to Skyrim. At least in that game you have a hotbar full of stuff and you have a whole party too which spices things up nicely. Gimme something like that, but in Skyrim's big open world, and then we are getting a lot closer to a best RPG evah.