Of the merged armour there has been much lamenting, and I need say no more concerning it, save that I had hoped that we could have more intricate armour AND still have the option of mixing, matching or going half naked to our hearts desire.
As to the magic, while I am pleased with the enhanced visuals, I have a growing fear that it will be more flash but at the cost of being less fury. . . or at least, less effeciency and less effectiveness. If the vast majority of spells outside of the school of Destruction (i.e. the duration spells of Alteration, Illusion, Conjouration etc.), spells like waterbreathing and light, no longer have an upfront magicka cost and set durations, but now require the user to channel the spell in a constant cast mode that effectively ties up one hand (and possibly both, depending on the spell) then magic use, despite the enhanced special effects, will be greatly diminished from what it has been in previous ES games. You might no longer be capable of maintaining more than two spell effects at a time, which is a SEVERE degradation from what a powerful spellcaster could achieve in earlier games.
Then there is the world size. I understand that there will be a lot more content, but it would have been nice if the world had been a square mile or two larger.
Not to mention the possiblility that swift running and acrobatic finesse may either be extinct, or perks to be hard bartered for.
Oh well. I am still excited, but much less so than I was. It seems Skyrim will be a give and take of features, with the net result of being a different game than Oblivion, rather than being a definitively better game with all of Oblivion's strong points and a host of additional improvements.