Now the thing with Oblivion is that it has a very wide variety of possibilities so creating cutscenes is really unnecessary.
On the other hand we find it very unpleasant when we siply get frozen during an event and have to watch some1 get killed, like the Emperor's death of that mission on that island with a dungeon ( cant remember the name).
I found these events to be rather... stale, they just had no flavor in them. It was like: Ok I'm frozen stiff and have to watch someone get killed in a very unattractive way with clear signs of ragdoll mechanics. Basically it didn't look "good".
I like the series unique way of presenting events but if I'll have to watch that ragdoll death again in ESV I'll be very disappointed.
If possible I'd suggest Bethesda uses something like this for the engine http://www.youtube.com/watch?v=iAwCqQNiu1c&feature=fvst and use that on its "events".
However for now that option is theoretical so I'll stick with Yes, but only for certain events