I thought Morrowind's lockpicking was fantastic. There were two things I loved about it: 1) it took place in real time and 2) it depended on character skill.
Real time lockpicking meant that there was always a chance my character could be spotted by a guard or law-abiding passers-by and arrested, if she wasn't alert. Lockpicking that stops time, as we have had from Oblivion onward, feels like cheating to me. Initiate your lockpicking at the precise instant you are unobserved and there is no possibility of ever being caught again, even if you spend the next week picking that lock. That is a truly terrible system as far as I am concerned.
I hate mini-games in RPGs anyway, as a rule. They are almost always about the player, about my personal twitch skills and eye-hand-co-ordination, rather than being about my character, which is what a roleplaying game should be about.
I'll say one thing for Oblivion's lock picking though: it at least had a nice "Auto-Attempt" button. That was a nice touch of character-skill roleplaying mechanic in an otherwise abysmal lockpicking system. It is a shame they got rid of that button.