No, not really. Level-scaling is somewhat necessary, but I still feel they're doing it wrong. If anything, it should be used together with their Radiant system to make the game far more fun. You should still find caves full of rats, but once you're a higher level, maybe the rats are now being eaten by a pack of wolves that are close to your level (or lower, but greater in quantity). And after you've killed them, they're gone again until another "unexpected" event takes place. That would even be fun at lower levels, when the dynamic events could actually result in higher level enemies being spawned for you to fight (and die by). It would be far more realistic than what we have now, and hopefully more akin to Morrowind with just a tad of newer technology to help make it even better.
The dungeons themselves could also benefit from dynamic events, to the point where maybe, after visiting one a few times, it's suddenly overrun with the undead or daedra -- but there's an actual reason, other than your new level, as to why. Maybe part of the cave wall has deteriorated and exposed ancient ruins or burial grounds. Or maybe a group of necromancers or conjurors has moved in and their summonings went terribly wrong. Or maybe you're caught in an epic battle between the two groups.
Statistics matter in RPGs, but we're far beyond the point where a small number that's displayed on your screen actually affects everything you can possibly do in-game. It should be responsible for some, or even many things, but certainly not everything.