The things that have been streamlined make sense. Where depth was "removed" from one area, new depth was added in other areas, such as jobs, marriage, and perks. The focus has been on content first, followed closely by graphics and polish. The engine overhauls (animation especially) will increase immersion ten-fold for me. Massively improved weather effects, more realistic landscapes with downed trees and such, and lots of little graphical touches that were missing from previous games will give this game a big boost, IMO.
Throw in great decisions such as the map screen, the interface, proper level scaling, Morrowind music, the option to disable quest markers, puzzles in dungeons, dragons, auto timed saving, and dozens of other things, like how they've implemented a patching system that will take hours instead of weeks even on consoles, and you have yourself one of the best thought out games ever.
11/11/11 is upon us, and on that day, we will playing the greatest game ever made, of that I have no doubt!