I'm not certain the consoles are responsible for the need to pause the game in menus - that's just how Bethesda (and many single-player games, PC or otherwise) handles their menus.
Anyway, word is from Quakecon (and other places) that we do finally have a dedicated grenade button, a radial favorites menu, the lockpicking, hacking, and even container UIs happen in real-time. Jury's still out on the Pipboy itself, though, but I can understand the decision to have it freeze time even if it's possible to let it happen in real-time.
I don't follow. I said Skyrim's UI was fine on PC; honestly, strictly in terms of the control scheme Skyrim's UI is the best.