Well, YES if done properly and probably binded to hardcoe mode.
Some people like "realism" some - don't. And the best choise is to be able to "deactivate" every single "realism" feature. All right, that's utopia.
I would have more fun if it'll be possible to carry 100kg max including armor (but make them realistic in weight too - 50kg per set is max. That's something close to medieval knights' armor). As for me, that really makes sense to store some things in your house, or have companions that help you "clear" loot from dungeon up to the last bandit's fork)
But what do I mean by "done properly". There should be 2 principal characteristics for every item - volume and weight. Not precise, but something close to reality. Backpacks (or just a bags) dramaticaly increase your "volume capacity", but have almost no effect at your "weight capacity" (well, in real life proper tourist's backpack allow you to carry a bit more without constant pain, right?). Your weight capacity depends on your race, body complection, maybe some perks (maybe even side-effect of warrior's perks). Then, in addition to "feather" spell you get "collapse" spell, which "packs" things into something small (maybe just 2-effected "feather" spell for simplier mechanics), and that could be used in fight too - make opponents smaller or light so you can push them out from Skyrim to, for example, High Rock with your feet
But that's utopia, so I'll be fine without it. There's so much things to do for dev team!