Impressions after 12 hours:
Overall, love it, it's Oblivion 2.0 but without the lame stuff. I love the perks, it really drives you to level up. I have not even been up to highpoint yet, I just kept running into stuff a long the way. I started the thieves and magic guild last night, I think I'm going to complete the thieves first as that is what my char does best. My char is spec'd in sneak, archery and destruction, I don't even have a melee weapon. Stealth was a little rough until sneaking was lvl 30 - 40 but now I'm rocking the bow sniping, if only they would patch in a way to ID a target from a distance.
and the gripes:
The cities and towns I've been to are all the same tile set and are pretty much identical, at least in Oblivion each city had it's own look and feel, I've yet to really see this yet.
No target ID. If your a stealth bow user it's a PITA. You pretty much have to save, go up and see if the thing is a bandit or a good person then re load and snipe, it's really annoying.
Shop keepers are physic. Everyone I've robbed sent thugs after me with a contract saying to beat me up, even though I cleaned the place out while they were sleeping and while sneaking. Oh well, it's better than Oblivion...
Loot is pretty lame just like in Morrowind / Oblivion. I have seen a lot more of the "of frost, fire etc" than Oblivion, but I'm still using a standard bow after 12 hrs...
The quick menu isn't really quick. We at least need a way to create two sets of spells / weapons to the right and left d pad buttons.
Gamebryo engine is still rearing it's ugly head. Yeah the visuals are a huge upgrade over Oblivion, but it still feels like Oblivion, and not in a good way. The mountains and fog effects are awesome though. I really hope ES6 is with a new engine.