They've already said that the PC version will have higher resolution textures and stuff... What more do you want? Tons and tons of gamers play on consoles. If they shipped some crappy watered down version for the consoles, fans would be pissed. They've said they're totally comfortable and confident with the current consoles and they don't feel held back. At the end of the day, the number of players on console is getting bigger and bigger, and whether we like it or not, players on console are more than half of the reason Bethesda has had so much success.
What do I want?
Hmmm.
Utilization of more than the 512 megs of ram most consoles natively boast. And that is just not -using it-, but using it efficiently.
Utilization of the 64 bit address bus. Think in terms of dungeons, cities, and environments that are double, triple, or more the size. Or with more robust systems, being able to load the whole game in system memory, thereby avoiding most of the slowdowns from hard drive access times and disc player tracking delay.
Utilization of multithreading for faster, more capable AI, physics, collision detection, etc.
If multitheaded, one thread dedicated to background cel loading and management. No pauses. Open cities.
Using advanced processing to switch render engines between outdoor optimized and indoor optimized. Tim Sweeney did it in Unreal 2. No loading at doorways; just go in. It can be done....at least as long as you have enough system to do it with, and a two tiered render engine.
Utilization of the lighting effects available in Shader model 4 and 5 hardware (godrays, ambient occlusion, global illumination acceleration, realtime dynamic shadows, etc).
Using the processing power available for little things like dynamic weather systems (wind, rain, snow, dust, etc. Maybe they have it....but so far, all we know about is the dynamic snow). Dynamic cloth effects; even if you couldn't get character clothes to work without killing your framerate, things like flags. Windmill vanes. Curtains. And if you -could- do it realtime at a sufficient speed...
Higher resolution normal maps for better details. Displacement maps.
....and most of that just relates to the eyecandy part of it all. The possibilities for pathing, AI, NPC multi-threaded scripting, sound management (an area that tends to get overlooked or underappreciated), and so on.