Todd announced that the PC would be getting it's own interface. But I really don't get what people don't like about Oblivion's ui. It was smooth and it was organized, much more than I could say for Morrowind's "Oh look now I have to sift through the giant grid of countless items for the one I need" inventory. Just because everything is on one screen doesn't make it easier to find something, it in fact makes it take longer. In Oblivion I can just flip to Misc tab and get that one item I need and if I remember that I need to check out a weapon also, I flip over to weapons instantly and voila.
Well, my major complaint about the Oblivion UI was, it was so big. It was made with people who sit six feet from their tv screens in mind. There other complaints bout the clunkyness of it all.
Morrowinds UI plus was that you had different boxes for map, inventory, stats and spells. Granted the inventory could become a little hassle filled when you had a lot of stuff.
On topic: The PC will have the console. simply because it's a very useful tool for modding,