The reason they took it out in Oblivion was for two reasons. The first being because it was exploitable with enchanting and second because of with the new models, it would require adjustment to not have it clip and of course as you know, there was a big time constraint since they were making the game for a console that didn't exist yet. So I'm fine with it coming back as long as you can't enchant the clothes.
Well I don't agree with their way of reducing exploits of enchanting, they mostly destroy enchanting with such simplifications, but they reducing exploits of alchemy in much better way why not apply similar way to enchanting?
New models deals nothing BB has improved look and still allow more equipment slots then Oblivion, making models more advanced also has nothing with such large reduction of equipment slots, I'm ok with some reductions but not so large as was done
Look at this picture
http://www.scenicreflections.com/files/Daedric_Armor_Wallpaper_pi1ty.jpg
And now on this one
http://images.wikia.com/oblivion/images/9/90/DaedricArmor.jpg
Now look at this
http://screenshots.filesnetwork.com/95/others/dremora.jpg
http://planetelderscrolls.gamespy.com/fms/Image.php?id=87489
http://www.tesnexus.com/imageshare/images/2552639-1303344567.jpg
There definitely was better way design armor and without of any reductions of slots.
So I'm fine with it coming back as long as you can't enchant the clothes.
Better return enchant limit on items so not all clothes will have enough space for enchanting but certain expensive items will be or items specially designed for mages, lower class shirt and pants with prison irons (no others hand clothes in all game? while in Morrowind has certain number of different gloves) in not designed to fit good enchants but mythic down cultist robes and hoods and designed for it,so robes will actually useful for mages, jewelry will has of the same level as other items will has larger enchant limit so enchanted items can be in wide assortment at the same level of charcter, thats both fixes unavailability of good items for enchant at low levels in Morrowind (reason why Oblivion has no enchant limit at all) and enchanted lowerclass items thats has the same power as full set of daedric has in Oblivion.
Anyway since we can edit such parameter we can create wide range of items useful for enchanting such parameter is decided it CS for an item so balancing will be not hard to be done just wit esp patches, as well we can create unusual normal items thats work as items of different quality so there can be cloth gloves of poor quality or masterwork ones, such parameters can be part of crafting system so if with enchanting we can create new magical items with smiting we can create new normal items but with different qualities and wide range of parameters so smithing from just repair of damaged items become actual alternative to enchanting and alchemy, thats carfting without need of create load of new models, some items can be great for smitting like iron and steel but poor for enchanting because of low enchant limit as well there can be items thats great for enchanting but hard for smithing because of their unnatural origin like Daedric what almost unchangeable by mundane ways ( so it work as high cap or limit for parameter of items in game nothing can be better then daedric)
There is many ways to make enchanting interesting and balanced not just simplify and remove it features like it was done in Oblivion, thats wrong way removing features instead of their fixing and improving, and I really don't want see such radical changes in Skyrim like was done with enchanting in Oblivion.
Return features from previous games ad new ones not rip them even more as it was in Oblivion.