We've talked ad nauseam in this thread about the leveling system in this thread, and I can kind of go either way with it. I like the system in theory, but I think it can be tuned better next time with some special quest dungeons not having the leveling system applied to it.
I do feel that the current system does do what it was intended to do, which is to continue to give you a challenge throughout the game. However, I agree with you that it also takes something away from stumbling across something that you shouldn't have early on in the game. In Daggerfall and Morrowind I came across some freaky places that I knew my character shouldn't be in just yet, but I had the option of trying to explore them none the less. Often it lead to a beat down, and sometimes frustration, as you got yourself in too ar over your head.
Next time out, I'd like to see the current system tweaked a bit for random dungeons and many quests. Then have certain dungeons that it doesn't apply to at all, and stock them with nasty creatures that will be a challenge to high level characters, and down right suicide for lower level characters. Make them part of the main and major questlines, and a few that are just part of the world in general.
As for the world itself, the leveling system works ok, but I'd like to see more variety. Have certain zones/regions that have spefiic types of creatures that live in that area, with the likelihood of encounters with them being fairly high, but also have "wandering monsters" that are based on your level as well.
I'm sure Bethesda will tweak the current system and come up with something more refined for the next version of the game, which seems woefully far off at this point.
