Remove the minigame entirely and replace it with a system kind of like Morrowinds. Remove the one use picks (because honestly, no pick will break after one use unless you somehow made one out of a combination of sand and tape :confused: ) and replace with either picks with a set number of uses similar to Morrowind or just give us an unbreakable pick off the bat. When you try and pick a lock the player will do an animation at the lock and loop the animation until the lock is opened. The time it takes to open the lock is based on the lock level and the player's Security skill. This is all done in real time.
Seeing how it is real time guards or civilians or whoever can still wander around and catch you, which makes looking around imperative. You can look around using the Mouse (or right stick). You wouldn't be able to spin all the way around, so if you wanted to look to the right, then the left you wouldn't just hold the anolog stick in one direction and spin endlessly. That way you can still get into anywhere fairly easy, but if you want to open a Very Hard lock with a level 10 security you will probably be there a while. Which my next part adds too.
Trapped locks. First off, bring them back. Second off, instead of making it a one time effect have it slowly hurt the character. When you find a lock that has a trap on it you have to disarm the trap before opening the lock. It's still automatic but it hurts you until you disarm it. I think this would be realistic, and challenging. I may be wrong though.