Playstation 3 version aside, Skyrim is a fantastic game. I'd rather have an emergent open world with some jank than a highly polished corridor shooting gallery.
I've put about 8 hours into the PC version and I think it's terrible.
The combat being so bad was fine in Oblivion in 2006. It's not fine in what is essentially Oblivion again in 2011. Even if you completely ignore the other issues that inherently pop up in this types of games, the combat ruins the entire experience.