If we compare this game to the latest Elder Scrolls game, Oblivion, it seems some features are being left out, yes, but we tend to forget how many new features are being either recovered from Morrowind or created from scratch.
Let's take a look at some of the best ones, specially those that add new layers of depth to the game:
Combat:
-Dual wield anything (except shields)
-Enhanced shield bashing and timing based blocking system
-Dragon Shouts
-Sprinting
-Slower backwards running
Immersion:
-New Jobs/Tasks for NPC's and player (jobs they actually DO)
-New relationship system with NPC's, including friendship and (not fully confirmed) romance.
-Some quest givers can now be killed, and will be replaced by others, with different disposition.
-Town/City variable economy, alterable by the player's actions
-Unique Settlements, with different architecture and culture.
-Tailor-build unique quests depending on your character, level and many other variables.
-NPC Children
-Carriage travel system (good for fast-travel haters)
-Different bounties for each of the 9 holds
-Better conversation system.
Customization
-Enhanced character creation system
-Beards (!!)
-Tattoos
-Scars
-280 Perks (including ranks, number of unique perks unconfirmed)
-Smithing, creation of weapons and armor
-13 types of Ore
-Races made clearly different from each other
Enviroment
-Different environments (tundra, fall forest, pine forest, canyon...)
-Fish, Birds, Mammoths and other non aggressive creatures populate the wilderness.
-Dynamic snow, weather, tree-branches movement...
-Really unique dungeons.
Other features
-70 voice actors
-Better looking/animated NPC's
-More enemy variety.
-Non-scripted dragons
-Grindstones (sharpening the blade gives a temporarily weapon stat boost)
Disclaimer: Most of the features obtained via the Nexus Forums Information Thread.
Conclusion? Well... Some content has been lost (some skills, some spells, classic attribute system...), other content is being changed (skills, leveling system, combat...), and some new content is added. The Elder Scrolls, just as any other game series, has either to evolve or die, and although some of US may not like some of the changes, there doesn't seem to be any evidence that supports the doomsday "dumbing-down" speculation.
:foodndrink: