There hasn't been much news about Alchemy....
However, it was stated somewhere (Gameinformer interview) that Alchemy is now considered a "Stealth" type skill, albeit the most magical of those skills.
I like how alchemy was handled in Oblivion. I like the idea of having equipment to refine potions, and I like the level of customization of potion making had.
There are a few things that could be improved, however.
Firstly, some sort of alchemy sorter. It would be nice for a function to search for ingredients based on effect. When creating potions, having positive/negative effects in different colors would be useful.
Kinda as an addition to this would be some sort of alchemy notebook where it lists all alchemical ingredients known by the player, as well as known effects, and possibly known area's where the ingredient can be found (based on character's travels). That would be helpful in trying to find that one perfect ingredient that you don't have. Also having a better autonaming feature, for those of us too *lazy to name our stuff. As in "potion of (cool thesaurus word)", vs the first effect that happens to be in a potion.
The ability to create and save custom potion formulas. Could possibly be another feature of the 'alchemy notebook'. It's annoying to have to search my ingredients list for my special potions. Having a way to quickly load up the ingredient slots by simply clicking on the name of the formula would be quite nice. Along with this should come the ability to rename, modify, or delete custom formulae. With the whole formulae idea, there is the possibility of having some pre made ones already ingame, found around the world, quest related, possibly stolen; on pieces of paper or in books.
The ability to alter specific ingredient ratios. Having up to four ingredients is a nice for customization, but altering the ratio of one ingredient to another to for example, intensify one particular effect. Would doubtless increase the weight of the potion, and for balance should be limited. For example, I have 2 of ingredient A to 1 ingredient B. A + B results in effects Y and Z. But by having more A, I make effect Z more potent. Possible ways to prevent this from being too overpowered is to tie how much altering a ratio has an effect on potency to skill level. Or, this could be an Alchemy related "Perk".
Add in the concept of using alchemical 'bases' in order to construct a potion. In oblivion, it was ridiculously easy to get a fortune by selling potions. Now, Skyrim could 'fix' this by making custom potions worth less. But making a living as an alchemist should still be a viable way to play. Instead, custom potions could be made slightly more difficult to make by requiring a base. Also, bases could determine the number of ingredient slots, or could have influences on the quality of effects, or both. Water could be a simple base, for example, although using something more unique, like Cyrodillic Brandy, could possibly make a better or more complex potion. Certain bases could also impart a custom benefit, like an additional effect, or a bonus to say, healing effects. Maybe having the possibility to brew bases from lower bases and select ingredients.
The game 'The Witcher' had an interesting alchemy system like this.
Some related perk ideas could be: brewing higher quality bases from lower ones with certain ingredients, allowing bases to have a higher bonus, allowing bases to hold more ingredient slots.
The ability to create special oils for equipment. The Witcher had a great system for combining alchemy with sword-work. Custom oils to coat your blade in order to give it certain properties would be a great tie-in to other skills. How about oils to coat your armor to improve its protection or to reduce wear? It would be cool to brew custom oils to harm certain manners of creatures. Instead of an immediate effect poison, oils would have a longer term but still temporary effect. In order to be implemented with the current alchemy system though, ingredients would probably need an additional 'special or unique' effect (ie. harms undead or something more elegant), or would need specific formulae (which cuts down on the customization aspect). If alchemical bases are introduced, animal or creature fats could fulfill the role (borrowing heavily from the Witcher). Oil creation could be a "Perk" as well.
Harvesting plant ingredients It always annoyed me that the player could fail at picking a flower. Harvesting should always be (or nearly always) successful. This could be balanced by requiring ingredient knowledge (a notebook entry) that could be gained from books or talking to NPCs. Also, having a different mesh for harvested flora (like in the mod Harvest Flora) would be nice for both practicality and immersion.
Some more miscellaneous ideas:
Possibly a perk that increases the amount of ingredients you get from fallen creatures, and from plants.
There were a few other ideas I can't remember right now, but that sums up my hopes and dreams for alchemy.